GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2011

SESSION LAW 2011-146

SENATE BILL 513

AN ACT to allow credit unions to conduct savings promotion raffles.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 14-309.15 is amended by adding a new subsection to read:

"(h) Notwithstanding any other subsection of this section, it is lawful for a credit union to conduct a savings promotion raffle under G.S. 54-109.64."

SECTION 2.  Article 14F of Chapter 54 of the General Statutes is amended by adding a new section to read:

"§ 54-109.64.  Savings promotion raffles.

A credit union 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 credit union. A credit union 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 credit union."

SECTION 3.  This act becomes effective October 1, 2011.

In the General Assembly read three times and ratified this the 8^th day of June, 2011.

                                                                    s/  Walter H. Dalton

                                                                         President of the Senate

                                                                    s/  Thom Tillis

                                                                         Speaker of the House of Representatives

                                                                    s/  Beverly E. Perdue

                                                                         Governor

Approved 11:45 a.m. this 16^th day of June, 2011