H.B. No. 1628
 
 
 
 
AN ACT
  relating to authorizing a credit union or other financial
  institution to conduct savings promotion raffles.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  The legislature finds that:
               (1)  many Texans have little experience with mainstream
  financial services, such as checking and savings accounts;
               (2)  an estimated one in three households in the state
  does not have a savings account and an estimated one-half of all
  households in the state do not have sufficient savings to pay for
  basic expenses for three months in case of an emergency;
               (3)  Texans' inexperience with mainstream financial
  services and lack of savings have many negative consequences,
  including causing financially vulnerable Texans to turn to
  predatory lenders outside of the mainstream financial system for
  credit;
               (4)  mainstream financial institutions in states
  across the country offer savings promotion raffles to help
  familiarize people with the mainstream financial system and to
  encourage people to open savings accounts and to save money;
               (5)  savings promotion raffles are normal financial
  products offered by mainstream financial institutions, like
  traditional savings accounts, with the added feature of offering
  chances to win prizes for saving money;
               (6)  savings promotion raffles are not lotteries but
  are pro-savings alternatives to lotteries;
               (7)  unlike lotteries, savings promotion raffles do not
  require consideration for the chance to win a prize;
               (8)  unlike lotteries, savings promotion raffles have
  the purpose and effect of increasing an individual's savings and
  financial security; and
               (9)  encouraging people to save money is in the
  interest of the state.
         SECTION 2.  Subchapter B, Chapter 622, Business & Commerce
  Code, is amended by adding Section 622.0545 to read as follows:
         Sec. 622.0545.  SAVINGS PROMOTION RAFFLE. This chapter does
  not apply to a savings promotion raffle authorized under Chapter
  279, Finance Code.
         SECTION 3.  Subtitle Z, Title 3, Finance Code, is amended by
  adding Chapter 279 to read as follows:
  CHAPTER 279. SAVINGS PROMOTION RAFFLE
         Sec. 279.001.  SHORT TITLE. This chapter may be cited as the
  Texas Savings Promotion Act. 
         Sec. 279.002.  DEFINITIONS. In this chapter:
               (1)  "Credit union" has the meaning assigned by Section
  121.002.
               (2)  "Deposit," with respect to a financial
  institution, has the meaning assigned by Section 31.002.
               (3)  "Finance commission" means the Finance Commission
  of Texas.
               (4)  "Financial institution" has the meaning assigned
  by Section 31.002.
               (5)  "Savings promotion raffle" means a raffle
  conducted by a credit union or financial institution in which the
  sole action required for a chance of winning a designated prize is
  the deposit of at least a specified amount of money in a savings
  account or other savings program offered by the credit union or
  financial institution.
         Sec. 279.003.  SAVINGS PROMOTION RAFFLE BY CREDIT UNION.  
  (a)  A credit union may conduct a savings promotion raffle if:
               (1)  each ticket or token representing an entry in the
  raffle has an equal probability of being drawn; and
               (2)  the raffle is conducted in a manner that:
                     (A)  does not jeopardize the ability of the credit
  union to operate in a safe and sound manner; and
                     (B)  does not mislead the credit union's members.
         (b)  A credit union may not require consideration for
  participation in a savings promotion raffle. A deposit of an amount
  of money in a savings account or other savings program that results
  in an entry in a savings promotion raffle is not consideration. 
         (c)  A credit union may not require a person to pay a premium
  or fee for opening or using a savings account or other savings
  program that is subject to a savings promotion raffle, unless the
  premium or fee is commensurate with the premium or fee that the
  credit union charges for opening or using comparable savings
  accounts or savings programs that are not subject to a savings
  promotion raffle. 
         (d)  A credit union may not limit the withdrawal of money
  from a savings account or other savings program that is subject to a
  savings promotion raffle, unless the withdrawal limits are
  commensurate with the withdrawal limits that the credit union
  imposes on comparable savings accounts or savings programs that are
  not subject to a savings promotion raffle. This subsection does not
  prohibit a credit union from requiring a deposit of an amount of
  money to remain in a savings account or other savings program for a
  certain period of time in order for the deposit to represent an
  entry in a savings promotion raffle. 
         (e)  A credit union shall charge an interest rate on a
  savings account or other savings program that is commensurate with
  the interest rate that the credit union charges on comparable
  savings accounts or savings programs that are not subject to a
  savings promotion raffle. 
         (f)  A credit union that conducts a savings promotion raffle
  under this section shall maintain all records that the Credit Union
  Commission determines are necessary for the Credit Union Department
  to examine the raffle.
         (g)  The provisions of this section applicable to a credit
  union apply to an organization composed exclusively of credit
  unions. 
         (h)  The Credit Union Commission shall adopt rules and
  procedures for the administration of this section.
         Sec. 279.004.  SAVINGS PROMOTION RAFFLE BY FINANCIAL
  INSTITUTIONS.  (a)  A financial institution may conduct a savings
  promotion raffle if:
               (1)  each ticket or token representing an entry in the
  raffle has an equal probability of being drawn; and
               (2)  the raffle is conducted in a manner that:
                     (A)  does not jeopardize the ability of the
  institution to operate in a safe and sound manner; and
                     (B)  does not mislead the institution's
  depositors.
         (b)  A financial institution may not require consideration
  for participation in a savings promotion raffle. A deposit of an
  amount of money in a savings account or other savings program that
  results in an entry in a savings promotion raffle is not
  consideration. 
         (c)  A financial institution may not require a person to pay
  a premium or fee for opening or using a savings account or other
  savings program that is subject to a savings promotion raffle,
  unless the premium or fee is commensurate with the premium or fee
  that the financial institution charges for opening or using
  comparable savings accounts or savings programs that are not
  subject to a savings promotion raffle. 
         (d)  A financial institution may not limit the withdrawal of
  money from a savings account or other savings program that is
  subject to a savings promotion raffle, unless the withdrawal limits
  are commensurate with the withdrawal limits that the financial
  institution imposes on comparable savings accounts or savings
  programs that are not subject to a savings promotion raffle. This
  subsection does not prohibit a financial institution from requiring
  a deposit of an amount of money to remain in a savings account or
  other savings program for a certain period of time in order for the
  deposit to represent an entry in a savings promotion raffle. 
         (e)  A financial institution shall charge an interest rate on
  a savings account or other savings program that is commensurate
  with the interest rate that the financial institution charges on
  comparable savings accounts or savings programs that are not
  subject to a savings promotion raffle. 
         (f)  A financial institution that conducts a savings
  promotion raffle under this section shall maintain all records that
  the finance commission determines are necessary for the financial
  regulatory agency of this state having regulatory jurisdiction over
  that financial institution to examine the raffle.
         (g)  The provisions of this section applicable to a financial
  institution apply to an organization composed exclusively of
  financial institutions.
         (h)  The finance commission shall adopt rules and procedures
  for the administration of this section.
         Sec. 279.005.  ACCOUNT OR DEPOSIT NOT CONSIDERATION. For
  purposes of Chapter 47, Penal Code, or other state law, opening or
  making a deposit in an account is not considered a purchase,
  payment, or provision of a thing of value for participation in a
  savings promotion raffle and is not considered to require a
  substantial expenditure of time, effort, or inconvenience.
         SECTION 4.  Subchapter A, Chapter 2002, Occupations Code, is
  amended by adding Section 2002.005 to read as follows:
         Sec. 2002.005.  APPLICABILITY. This chapter does not apply
  to a savings promotion raffle authorized under Chapter 279, Finance
  Code. 
         SECTION 5.  Section 47.09(a), Penal Code, is amended to read
  as follows:
         (a)  It is a defense to prosecution under this chapter that
  the conduct:
               (1)  was authorized under:
                     (A)  Chapter 2001, Occupations Code;
                     (B)  Chapter 2002, Occupations Code; [or]
                     (C)  the Texas Racing Act (Article 179e, Vernon's
  Texas Civil Statutes); or
                     (D)  Chapter 279, Finance Code;
               (2)  consisted entirely of participation in the state
  lottery authorized by Chapter 466, Government Code; or
               (3)  was a necessary incident to the operation of the
  state lottery and was directly or indirectly authorized by:
                     (A)  Chapter 466, Government Code;
                     (B)  the lottery division of the Texas Lottery
  Commission;
                     (C)  the Texas Lottery Commission; or
                     (D)  the director of the lottery division of the
  Texas Lottery Commission.
         SECTION 6.  Chapter 47, Penal Code, is amended by adding
  Section 47.11 to read as follows:
         Sec. 47.11.  DEPOSITS IN CERTAIN ACCOUNTS NOT CONSIDERATION.
  For purposes of this chapter, opening or making a deposit in a
  savings account or other savings program subject to a savings
  promotion raffle under Chapter 279, Finance Code, does not
  constitute consideration.
         SECTION 7.  This Act takes effect September 1, 2015.
 
 
  ______________________________ ______________________________
     President of the Senate Speaker of the House     
 
 
         I certify that H.B. No. 1628 was passed by the House on May
  12, 2015, by the following vote:  Yeas 142, Nays 2, 2 present, not
  voting.
 
  ______________________________
  Chief Clerk of the House   
 
 
         I certify that H.B. No. 1628 was passed by the Senate on May
  26, 2015, by the following vote:  Yeas 23, Nays 6, 1 present, not
  voting.
 
  ______________________________
  Secretary of the Senate    
  APPROVED:  _____________________
                     Date          
   
            _____________________
                   Governor