IIB 
113TH CONGRESS 
2D SESSION 
H. R. 3374 
IN THE SENATE OF THE UNITED STATES 
SEPTEMBER 16, 2014 
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
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 Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘American Savings Pro-
motion 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 house-
holds lack the savings to cover basic expenses for 3 
months, if an unexpected event leads to a loss of sta-
ble income; 
(3) personal savings provide Americans with the 
financial resources to meet future needs, including 
higher education and homeownership, while also pro-
viding 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; 
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(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 na-
tional interest of the United States. 
SEC. 3. AMENDMENT TO DEFINITIONS OF ‘‘LOTTERY’’. 
(a) NATIONAL BANKS.—Section 5136B(c) of the Re-
vised 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 
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the deposit of a specified amount of money in a sav-
ings 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 sav-
ings 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)).’’. 
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(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 sav-
ings 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 ‘‘arrange-
ment’’; and 
(2) by adding at the end the following: 
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‘‘(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 to time be pro-
mulgated by the appropriate prudential regu-
lator (as defined in section 1002 of the Con-
sumer 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 fol-
lowing: 
‘‘§ 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 
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‘‘(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 relat-
ing 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 
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‘‘(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 sav-
ings 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 amend-
ed— 
(1) in section 1952, by adding at the end the 
following: 
‘‘(e)(1) This section shall not apply to a savings pro-
motion raffle conducted by an insured depository institu-
tion or an insured credit union. 
‘‘(2) In this subsection— 
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‘‘(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 sav-
ings 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 mate-
rials used or designed for use in a savings pro-
motion raffle operated by an insured depository 
institution or an insured credit union, or (6)’’; 
and 
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(B) by striking subsections (d) and (e) and 
inserting the following: 
‘‘(d) For purposes of this section— 
‘‘(1) the term ‘foreign country’ means any em-
pire, 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 ac-
cepting 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 
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a chance of winning designated prizes is obtained by 
the deposit of a specified amount of money in a sav-
ings 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 Com-
monwealth of Puerto Rico, or any territory or pos-
session of the United States.’’; and 
(3) in section 1955— 
(A) in subsection (b)— 
(i) by redesignating paragraph (2) as 
paragraph (4); 
(ii) by redesignating paragraph (3) as 
paragraph (6); 
(iii) by inserting after paragraph (1) 
the following: 
‘‘(2) ‘insured credit union’ shall have the mean-
ing given the term in section 101 of the Federal 
Credit Union Act (12 U.S.C. 1752). 
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‘‘(3) ‘insured depository institution’ shall have 
the meaning given the term in section 3 of the Fed-
eral 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 de-
posit of a specified amount of money in a savings ac-
count or other savings program, where each ticket or 
entry has an equal chance of being drawn, such con-
test being subject to regulations that may from time 
to time be promulgated by the appropriate pruden-
tial regulator (as defined in section 1002 of the Con-
sumer 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 insert-
ing ‘‘; or’’; and 
(iii) by adding at the end the fol-
lowing: 
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‘‘(2) any savings promotion raffle.’’. 
Passed the House of Representatives September 15, 
2014. 
Attest: 
KAREN L. HAAS, 
Clerk. 
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