North Carolina General Statutes 54B-140. Savings promotion raffles
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Terms Used In North Carolina General Statutes 54B-140
- Association: includes a State association or a federal association unless limited by use of the words "State" or "federal. See North Carolina General Statutes 54B-4
- savings and loan association: when used in the General Statutes, shall mean an association and shall be interchangeable. See North Carolina General Statutes 54B-4
A savings and loan association may offer a savings promotion raffle in which the sole consideration required for a chance of winning designated prizes is the deposit of a minimum specified amount of money in a savings account or other savings program offered by the savings and loan association. A savings and loan association shall maintain records sufficient to facilitate an audit of the savings promotion raffle, shall conduct the savings promotion raffle in a safe and sound manner, and shall fully disclose the terms and conditions of the promotion to account holders and prospective account holders of the savings and loan association. (2019-173, s. 2(c).)