(a) For purposes of this section “savings promotion raffle” means a raffle conducted by a bank or credit union doing business in Delaware where the sole action required for a chance of winning designated prizes is the deposit of a minimum specified amount of money in a savings account or other savings program.
(b) Any bank or credit union doing business in this State may conduct a savings promotion raffle provided that the bank or credit union:
(1) Conducts the savings promotion raffle in a manner that ensures that each entry has an equal chance of winning the designated prize;
(2) Fully discloses the terms and conditions of the savings promotion raffle to each of its account holders;
(3) Offers an interest rate that is commensurate with the interest rate the bank or credit union offers on comparable savings accounts or savings programs that are not subject to a savings promotion raffle; and
(4) Maintains records sufficient to facilitate an audit of such savings promotion raffle.
(c) A savings promotion raffle is not a lottery for purposes of Chapter 48 of Title 29.
81 Del. Laws, c. 13,
§
1;
Notes of Decisions
Wilmington Sav. Fund Soc'y v. Green, 288 A.2d 273 (Del. 1972).
· cites it 3× “In 1959, 5 Del.C. § 933 was enacted which provided that a branch office of a bank may be opened only upon the authority of the State Bank Commissioner.”
Green v. Wilmington Sav. Fund Soc'y, 310 A.2d 638 (Del. 1973).
· cites it 2× “The Wilmington Savings Fund Society (hereinafter “Bank”) applied to the State Bank Commissioner for authority to open a branch office under 5 Del.C. § 933. 1 The Commissioner denied the application on the ground that the Bank had not carried its burden of demonstrating public…”
Wilmington Sav. Fund Soc'y v. Green, 300 A.2d 225 (Del. Super. Ct. 1972).
“1 Pursuant to 5 Del.C. § 933, the State Bank Commissioner is authorized to approve or deny applications for the operation of branch bank offices.”
Wilmington Sav. Fund Soc'y v. Green, 300 A.2d 227 (Del. Super. Ct. 1972).
“The current statute, 5 Del.C. § 933(a), which states the law applicable since 1953, reads as follows: “The application shall state the exact location of the intended branch office and the necessity for its opening.”
5 Del. C. § 933(a): 1 case
Wilmington Sav. Fund Soc'y v. Green, 300 A.2d 227 (Del. Super. Ct. 1972).
“The current statute, 5 Del.C. § 933(a), which states the law applicable since 1953, reads as follows: “The application shall state the exact location of the intended branch office and the necessity for its opening.”
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