(a) (1) In this section the following words have the meanings indicated. (2) 'Depository institution' means a financial institution that: (i) Is located in this State or maintains a branch in this State; and (ii) Is authorized to maintain qualifying accounts. (3) 'Eligible customer' means an individual who: (i) Maintains a qualifying account at a depository institution; (ii) Is an adult; and (iii) Is a resident of this State. (4) 'Qualifying account' means a savings account, share account, or other savings product or program: (i) Offered by a depository institution; (ii) Insured by the Federal Deposit Insurance Corporation, the National Credit Union Administration, or a credit union share guaranty corporation that is approved by the Commissioner; and (iii) Through which eligible customers may obtain chances to win prizes in a savings promotion raffle. (5) 'Savings promotion raffle' means a contest in which: (i) The sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a qualifying account; and (ii) Each ticket or entry has an equal chance of being drawn. required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a qualifying account; and (ii) Each ticket or entry has an equal chance of being drawn. (b) A depository institution may conduct a savings promotion raffle for the exclusive benefit of eligible customers if: (1) The depository institution maintains books and records relating to the savings promotion raffle; and (2) The savings promotion raffle will not: (i) Harm the depository institution’s ability to operate in a safe and sound manner; or (ii) Mislead the depository institution’s customers. (c) Except as preempted by federal law, the Commissioner may: (1) Examine the conduct of a savings promotion raffle; and (2) Issue a cease and desist order under § 5–808 of this article for a violation of this section.
Maryland Legal Code