S.1597 - American Savings Promotion Act

A bill to provide for the use of savings promotion raffle products by financial institutions to encourage savings, and for other purposes. view all titles (2)

All Bill Titles

  • Short: American Savings Promotion Act as introduced.
  • Official: A bill to provide for the use of savings promotion raffle products by financial institutions to encourage savings, and for other purposes. as introduced.

This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.

Bill’s Views

  • Today: 1
  • Past Seven Days: 3
  • All-Time: 176
 
Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
10/29/13
 
 
 
 
 
 
 

Official Summary

American Savings Promotion Act - Amends the Revised Statutes of the United States, the Federal Reserve Act, the Federal Deposit Insurance Act, and the Home Owners' Loan Act to authorize covered financial institutions to conduct a contest, known as a \"savings promotion raffle,\" in whi

Official Summary

American Savings Promotion Act - Amends the Revised Statutes of the United States, the Federal Reserve Act, the Federal Deposit Insurance Act, and the Home Owners' Loan Act to authorize covered financial institutions to conduct a contest, known as a \"savings promotion raffle,\" 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 program, where each ticket or entry has an equal chance of being drawn. Subjects such a drawing contest to regulations promulgated by the appropriate prudential regulator. Excludes such a \"savings promotion raffle\" from the prohibition against a covered financial institution's dealing in \"lottery\" tickets. Amends the federal criminal code to exempt savings promotion raffles conducted by an insured depository institution or an insured credit union from specified prohibitions against interstate and foreign travel or transportation in aid of racketeering enterprises.

...Read the Rest




Vote on This Bill

-% Users Support Bill

0 in favor / 0 opposed
 

Send Your Senator a Letter

about this bill Support Oppose Tracking
Track with MyOC