(a) (1) The sheriff may not issue to a single organization in 1 calendar year more than 12 raffle licenses, no more than one of which may be for a raffle with a money prize exceeding $1,000.

(2) All raffle drawings shall be conducted in 1 calendar day.

(3) A raffle license is valid until all raffles are drawn.

(4) A raffle license shall state the day for the drawing or drawings.

(b) A money prize for a raffle may not exceed:

(1) $10,000 if the sponsoring organization has not held a raffle for a money prize exceeding $1,000 in the current calendar year; or

(2) $1,000 if the sponsoring organization has held a raffle for a money prize exceeding $1,000 in the current calendar year.

(c) An organization that intends to conduct a raffle for a money prize exceeding $1,000 shall:

(1) post a bond in the amount of the money prize; or

(2) obtain an irrevocable letter of credit from a bank in the amount of the money prize.