ORS Chapter 708a — Regulation of Institutions

ORS 708a.660. Savings promotion raffles; rules. (1) As used in this section: (a) Financial institution has the definition given that term in ORS 706.008. (b) Savings promotion raffle means a contest in which a financial institution, or an agent of the financial institution, offers a chance for an individual member or depositor to win a designated prize by depositing in the individual members or depositors share account, deposit certificate account or other savings account a specific amount of money during a specific period of time. (2) Subject to subsection (3) of this section, a financial institution may conduct a savings promotion raffle within this state. (3) A financial institution may not, in conducting a savings promotion raffle: (a) Design, engage in, promote or conduct the savings promotion raffle in connection with selling or promoting a consumer product or service other than a share account, deposit certificate account or other savings account that the financial institution offers. (b) Predetermine a winner, or other outcome, in the savings promotion raffle. (c) Permit a director, officer, employee or agent of the financial institution to participate in the savings promotion raffle. (d) Arbitrarily remove, disqualify, disallow or reject an application to enter into or attempt to participate in the savings promotion raffle. (e) Fail to award the prize the financial institution offers in the savings promotion raffle. (f) Print, publish, circulate or display by means of any medium an advertising or other statement concerning the savings promotion raffle that is false, deceptive or misleading. (g) Require an entry fee, a payment or a promise to pay any valuable consideration as a condition of participating in or winning a prize from a savings promotion raffle, except that a financial institution may require an individual member or depositor to deposit a minimum amount to open a share account, deposit certificate account or other savings account and deposit a specific amount or maintain a specific balance for a specific time to participate in the savings promotion raffle and may charge any fee or amount to administer or maintain the individual members or depositors share account, deposit certificate account or other savings account that the financial institution ordinarily and customarily charges an individual member or depositor who does not participate in the savings promotion raffle. (4) A financial institution, in conducting and administering a savings promotion raffle, shall ensure that every individual member or depositor who participates in the savings promotion raffle has an equal opportunity to submit or receive entries for the savings promotion raffle. (5) A financial institutions violation of subsection (3) or (4) of this section is subject to a civil penalty as provided in ORS 706.980. (6) This section applies uniformly throughout this state and within all political subdivisions and municipalities of this state. A political subdivision of this state or a municipality within this state may not enact or adopt an ordinance, resolution, regulation, rule or other law to limit or restrict a financial institutions operation of a savings promotion raffle within this state. (7) This section does not repeal or modify existing state laws with respect to gambling, except that a savings promotion raffle is not subject to existing state laws with respect to gambling. (8) The Director of the Department of Consumer and Business Services may adopt rules to implement the provisions of this section. [2015 c.137 2] (Financial Exploitation of Vulnerable Persons)