PUBLIC LAW 113–251—DEC. 18, 2014 

AMERICAN SAVINGS PROMOTION ACT 


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128 STAT. 2888 PUBLIC LAW 113–251—DEC. 18, 2014 

Public Law 113–251 

113th Congress 

An Act 

To provide for the use of savings promotion raffle products by financial institutions 

to encourage savings, and for other purposes. 

Be it enacted by the Senate and House of Representatives of 

the United States of America in Congress assembled, 

SECTION 1. SHORT TITLE. 

This Act may be cited as the ‘‘American Savings Promotion 

Act’’. 

SEC. 2. FINDINGS. 

Congress finds that— 

(1) the annual savings rate in the United States was 4.1 

percent in 2012; 

(2) more than 40 percent of American households lack 

the savings to cover basic expenses for 3 months, if an unexpected event leads to a loss of stable income; 

(3) personal savings provide Americans with the financial 

resources to meet future needs, including higher education 

and homeownership, while also providing a safety net to 

weather unexpected financial shocks; 

(4) prize-linked savings products are typical savings products offered by financial institutions, like savings accounts, 

certificates of deposit, and savings bonds, with the added feature of offering chances to win prizes based on deposit activity; 

(5) the State of Michigan was the first State to allow 

credit unions to offer prize-linked savings products, and in 

2009 launched the first large-scale prize-linked savings product 

in the United States; 

(6) the States of Connecticut, Michigan, Maine, Maryland, 

Nebraska, North Carolina, Rhode Island, and Washington all 

have laws that allow financial institutions to offer prize-linked 

savings products; 

(7) in the States of Michigan and Nebraska, more than 

42,000 individuals have opened prize-linked savings accounts 

and saved more than $72,000,000; 

(8) prize-linked savings products have been shown to 

successfully attract non-savers, the asset poor, and low-to-moderate income groups, providing individuals with a new tool 

to build personal savings; and 

(9) encouraging personal savings is in the national interest 

of the United States. 

12 USC 25a note. 

12 USC 21 note. 

American 

Savings 

Promotion Act. 

Dec. 18, 2014 

[H.R. 3374] 


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PUBLIC LAW 113–251—DEC. 18, 2014 128 STAT. 2889 

SEC. 3. AMENDMENT TO DEFINITIONS OF ‘‘LOTTERY’’. 

(a) NATIONAL BANKS.—Section 5136B(c) of the Revised Statutes 

of the United States (12 U.S.C. 25a(c)) is amended— 

(1) in paragraph (2), by inserting ‘‘, other than a savings 

promotion raffle,’’ before ‘‘whereby’’; and 

(2) by adding at the end the following: 

‘‘(4) The term ‘savings promotion raffle’ means 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, 

such contest being subject to regulations that may from time 

to time be promulgated by the appropriate prudential regulator 

(as defined in section 1002 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5481)).’’. 

(b) FEDERAL RESERVE BANKS.—Section 9A(c) of the Federal 

Reserve Act (12 U.S.C. 339(c)) is amended— 

(1) in paragraph (2), by inserting ‘‘, other than a savings 

promotion raffle,’’ before ‘‘whereby’’; and 

(2) by adding at the end the following: 

‘‘(4) The term ‘savings promotion raffle’ means 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, 

such contest being subject to regulations that may from time 

to time be promulgated by the appropriate prudential regulator 

(as defined in section 1002 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5481)).’’. 

(c) INSURED DEPOSITORY INSTITUTIONS.—Section 20(c) of the 

Federal Deposit Insurance Act (12 U.S.C. 1829a(c)) is amended— 

(1) in paragraph (2), by inserting ‘‘, other than a savings 

promotion raffle,’’ before ‘‘whereby’’; and 

(2) by adding at the end the following: 

‘‘(4) The term ‘savings promotion raffle’ means 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, 

such contest being subject to regulations that may from time 

to time be promulgated by the appropriate prudential regulator 

(as defined in section 1002 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5481)).’’. 

(d) FEDERAL SAVINGS AND LOAN ASSOCIATIONS.—Section 4(e)(3) 

of the Home Owners’ Loan Act (12 U.S.C. 1463(e)(3)) is amended— 

(1) in subparagraph (B), by inserting ‘‘, other than a savings 

promotion raffle,’’ after ‘‘arrangement’’; and 

(2) by adding at the end the following: 

‘‘(D) SAVINGS PROMOTION RAFFLE.—The term ‘savings 

promotion raffle’ means 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, such 

contest being subject to regulations that may from time 


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128 STAT. 2890 PUBLIC LAW 113–251—DEC. 18, 2014 

to time be promulgated by the appropriate prudential regulator (as defined in section 1002 of the Consumer Financial 

Protection Act of 2010 (12 U.S.C. 5481)).’’. 

SEC. 4. CRIMINAL PROVISIONS. 

(a) IN GENERAL.—Chapter 61 of title 18, United States Code, 

is amended by adding at the end the following: 

‘‘§ 1308. Limitation of applicability 

‘‘(a) LIMITATION OF APPLICABILITY.—Sections 1301, 1302, 1303, 

1304, and 1306 shall not apply— 

‘‘(1) to a savings promotion raffle conducted by an insured 

depository institution or an insured credit union; or 

‘‘(2) to any activity conducted in connection with any such 

savings promotion raffle, including, without limitation, to the— 

‘‘(A) transmission of any advertisement, list of prizes, 

or other information concerning the savings promotion 

raffle; 

‘‘(B) offering, facilitation, and acceptance of deposits, 

withdrawals, or other transactions in connection with the 

savings promotion raffle; 

‘‘(C) transmission of any information relating to the 

savings promotion raffle, including account balance and 

transaction information; and 

‘‘(D) deposit or transmission of prizes awarded in the 

savings promotion raffle as well as notification or publication thereof. 

‘‘(b) DEFINITIONS.—In this section— 

‘‘(1) the term ‘insured credit union’ shall have the meaning 

given the term in section 101 of the Federal Credit Union 

Act (12 U.S.C. 1752); 

‘‘(2) the term ‘insured depository institution’ shall have 

the meaning given the term in section 3 of the Federal Deposit 

Insurance Act (12 U.S.C. 1813); and 

‘‘(3) the term ‘savings promotion raffle’ means 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, 

such contest being subject to regulations that may from time 

to time be promulgated by the appropriate prudential regulator 

(as defined in section 1002 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5481)).’’. 

(b) TECHNICAL AND CONFORMING AMENDMENT.—The table of 

sections for chapter 61 of title 18, United States Code, is amended 

by adding after the item relating to section 1307 the following: 

‘‘1308. Limitation of applicability.’’. 

SEC. 5. RACKETEERING. 

Chapter 95 of title 18, United States Code, is amended— 

(1) in section 1952, by adding at the end the following: 

‘‘(e)(1) This section shall not apply to a savings promotion 

raffle conducted by an insured depository institution or an insured 

credit union. 

Definitions. ‘‘(2) In this subsection— 

18 USC 1301 

prec. 

18 USC 1308. 


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PUBLIC LAW 113–251—DEC. 18, 2014 128 STAT. 2891 

‘‘(A) the term ‘insured credit union’ shall have the meaning 

given the term in section 101 of the Federal Credit Union 

Act (12 U.S.C. 1752); 

‘‘(B) the term ‘insured depository institution’ shall have 

the meaning given the term in section 3 of the Federal Deposit 

Insurance Act (12 U.S.C. 1813); and 

‘‘(C) the term ‘savings promotion raffle’ means 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, 

such contest being subject to regulations that may from time 

to time be promulgated by the appropriate prudential regulator 

(as defined in section 1002 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5481)).’’; 

(2) in section 1953— 

(A) in subsection (b), by striking ‘‘or (5)’’ and inserting 

‘‘(5) equipment, tickets, or materials used or designed for 

use in a savings promotion raffle operated by an insured 

depository institution or an insured credit union, or (6)’’; 

and 

(B) by striking subsections (d) and (e) and inserting 

the following: 

‘‘(d) For purposes of this section— 

‘‘(1) the term ‘foreign country’ means any empire, country, 

dominion, colony, or protectorate, or any subdivision thereof 

(other than the United States, its territories or possessions); 

‘‘(2) the term ‘insured credit union’ shall have the meaning 

given the term in section 101 of the Federal Credit Union 

Act (12 U.S.C. 1752); 

‘‘(3) the term ‘insured depository institution’ shall have 

the meaning given the term in section 3 of the Federal Deposit 

Insurance Act (12 U.S.C. 1813); 

‘‘(4) the term ‘lottery’— 

‘‘(A) means the pooling of proceeds derived from the 

sale of tickets or chances and allotting those proceeds or 

parts thereof by chance to one or more chance takers or 

ticket purchasers; and 

‘‘(B) does not include the placing or accepting of bets 

or wagers on sporting events or contests; 

‘‘(5) the term ‘savings promotion raffle’ means 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, 

such contest being subject to regulations that may from time 

to time be promulgated by the appropriate prudential regulator 

(as defined in section 1002 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5481)); and 

‘‘(6) the term ‘State’ means a State of the United States, 

the District of Columbia, the Commonwealth of Puerto Rico, 

or any territory or possession of the United States.’’; and 

(3) in section 1955— 

(A) in subsection (b)— 

(i) by redesignating paragraph (2) as paragraph 

(4); 

Definitions. 


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128 STAT. 2892 PUBLIC LAW 113–251—DEC. 18, 2014 

LEGISLATIVE HISTORY—H.R. 3374: 

CONGRESSIONAL RECORD, Vol. 160 (2014): 

Sept. 15, considered and passed House. 

Dec. 10, considered and passed Senate. 

Æ 

(ii) by redesignating paragraph (3) as paragraph 

(6); 

(iii) by inserting after paragraph (1) the following: 

‘‘(2) ‘insured credit union’ shall have the meaning given 

the term in section 101 of the Federal Credit Union Act (12 

U.S.C. 1752). 

‘‘(3) ‘insured depository institution’ shall have the meaning 

given the term in section 3 of the Federal Deposit Insurance 

Act (12 U.S.C. 1813).’’; and 

(iv) by inserting after paragraph (4), as redesignated, the following: 

‘‘(5) ‘savings promotion raffle’ means 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, 

such contest being subject to regulations that may from time 

to time be promulgated by the appropriate prudential regulator 

(as defined in section 1002 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5481)).’’; and 

(B) in subsection (e)— 

(i) by striking ‘‘shall not apply to any bingo’’ and 

inserting the following: ‘‘shall not apply to— 

‘‘(1) any bingo’’; 

(ii) by striking the period and inserting ‘‘; or’’; 

and 

(iii) by adding at the end the following: 

‘‘(2) any savings promotion raffle.’’. 

Approved December 18, 2014. 

Definition. 

Definitions. 


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