Bill Text: HI SB2257 | 2012 | Regular Session | Introduced
Bill Title: Credit Unions; Savings Promotion Raffles
Spectrum: Moderate Partisan Bill (Democrat 4-1)
Status: (Introduced - Dead) 2012-02-10 - (S) The committee(s) on CPN recommend(s) that the measure be HELD. The votes in CPN were as follows: 7 Aye(s): Senator(s) Baker, Taniguchi, Galuteria, Green, Nishihara, Solomon, Slom; Aye(s) with reservations: none ; 0 No(es): none; and 0 Excused: none. [SB2257 Detail]
Download: Hawaii-2012-SB2257-Introduced.html
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THE SENATE |
S.B. NO. |
2257 |
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TWENTY-SIXTH LEGISLATURE, 2012 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to credit unions.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 412, Hawaii Revised Statutes, is amended by adding a new section to part III of article 10 to be appropriately designated and to read as follows:
"§412:10- Savings promotion raffles. (a) 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.
(b) A credit union offering a savings promotion raffle under subsection (a) shall:
(1) Maintain records sufficient to facilitate an audit of the savings promotion raffle;
(2) Conduct the savings promotion raffle in a safe and sound manner; and
(3) Fully disclose the terms and conditions of the promotion to account holders and prospective account holders of the credit union.
(c) For the purposes of this section, "savings promotion raffle" means a contest conducted by a credit union chartered under state or federal law or any agent or employee thereof in which a chance of winning a designated prize is obtained by the deposit of a specified amount of money in a savings account or other savings program; provided that each entry has an equal chance of winning."
SECTION 2. Section 712-1220, Hawaii Revised Statutes, is amended as follows:
1. By amending the definition of "gambling" to read:
"(4) "Gambling". A person engages in gambling if he stakes or risks something of value upon the outcome of a contest of chance or a future contingent event not under his control or influence, upon an agreement or understanding that he or someone else will receive something of value in the event of a certain outcome. Gambling does not include:
(a) [bona] Bona fide business
transactions valid under the law of contracts, including but not limited to
contracts for the purchase or sale at a future date of securities or
commodities, and agreements to compensate for loss caused by the happening of
chance, including but not limited to contracts of indemnity or guaranty and
life, health, or accident insurance[.]; or
(b) A savings promotion raffle offered by a credit union under section 412:10- ."
2. By amending the definition of "lottery" to read:
"(6) "Lottery" means a gambling scheme in which:
(a) The players pay or agree to pay something of value for chances, represented and differentiated by numbers or by combinations of numbers or by some other medium, one or more of which chances are to be designated the winning ones; and
(b) The winning chances are to be determined by a drawing or by some other method based on an element of chance; and
(c) The holders of the winning chances are to receive something of value.
Lottery does not include a savings promotion raffle offered by a credit union under section 412:10- ."
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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Report Title:
Credit Unions; Savings Promotion Raffles
Description:
Authorizes credit unions to offer savings promotion raffles. Amends the Hawaii penal code to clarify that savings promotion raffles do not constitute gambling or a lottery.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
