Massachusetts General Laws ch. 171 sec. 6B – Savings promotion raffles
Section 6B. (a) For the purposes of this section, the term ”savings promotion raffle” shall mean a contest in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a savings account or other savings program where each ticket or entry has an equal chance of being drawn and where the contest is subject to regulations that may be promulgated by the appropriate federal regulatory agency, as defined by 12 U.S.C. § 5481.
Terms Used In Massachusetts General Laws ch. 171 sec. 6B
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
(b) A credit union may receive deposits in conjunction with a savings promotion raffle pursuant to the federal American Savings Promotion Act, Public Law 113–251. A savings promotion raffle conducted pursuant to this section shall not be a violation of section 7 of chapter 271.
(c) The commissioner shall promulgate regulations necessary to implement and administer this section.