O.C.G.A. § 7-1-239.10 (2019)
Definitions; conduct of savings promotion raffles; application
(a) As used in this Code section, the term:
(1) “Bank” means a national bank or a state chartered bank, regardless of which state issued the charter, that has federal deposit insurance.
(2) “Credit union” means a federally chartered credit union or a state chartered credit union, regardless of which state issued the charter, that has federal deposit insurance.
(3) “Savings promotion raffle” means a contest in which the sole consideration required for a chance of winning a designated prize is obtained by the deposit of a specified amount of money in a savings account or other savings program offered by a bank or credit union, where each ticket or entry has an equal chance of being drawn.
(b) A bank or credit union may conduct a savings promotion raffle, provided that the raffle is conducted in a manner that does not:
(1) Jeopardize the ability of the bank or credit union conducting the savings promotion raffle to operate in a safe and sound manner; or
(2) Mislead depositors about the chances of winning.
(c) A bank or credit union conducting a savings promotion raffle:
(1) Shall provide each person making a deposit in a savings promotion raffle account with information regarding:
(A) The terms of the raffle;
(B) The verifiable retail value of each prize that a depositor has a chance of winning;
(C) The odds of a depositor winning a prize; and
(D) Any fees or penalties associated with such account;
(2) Shall not charge any fees associated with the underlying savings account or other savings program in excess of the fees charged for the savings account or other savings program offered by the bank or credit union that is the most similar to such savings promotion raffle account;
(3) May contract for and use the services of a third-party service provider to handle the administrative details of conducting a savings promotion raffle; and
(4) Shall maintain all records the department determines are necessary to conduct an examination or audit of a savings promotion raffle.
(d) The provisions of this Code section applicable to credit unions shall apply to an organization composed primarily of credit unions and
T.7, C.1, A.2, P.1 the provisions of this Code section applicable to banks shall apply to an organization composed primarily of banks.
History
Code 1981, § 7-1-239.10, enacted by Ga. L. 2019, p. 736, § 1/HB 193.
ARTICLE 2 BANKS AND TRUST COMPANIES
Annotations
Law reviews. For survey
article
on
business
associations, see 34 Mercer L. Rev. 13 (1982).
OPINIONS OF THE ATTORNEY GENERAL Investment programs offered jointly by banks and brokerage firms. - Brokerage firm is not prohibited, by virtue of O.C.G.A. T. 7, C. 1, Art. 2 and O.C.G.A. § 7-1-241, from offering, in conjunction with a bank, an investment
program whereby the brokerage permits customers to maintain special accounts and receives and transmits money in connection with such accounts. 1981 Op. Att’y Gen. No. 81-59.
RESEARCH REFERENCES ALR. Bank to which paper is sent for collection of principal or interest as agent of obligor, 55 A.L.R. 1168. Effect of appointment of conservator for bank, 91 A.L.R. 234; 92 A.L.R. 1258; 107 A.L.R. 1431. Legal questions presented by the reopening of closed bank, 99 A.L.R. 1217.
State banks, insurance companies, or building and loan associations, which are members of federal reserve bank or similar federal agency, or national banks, as within state social security or Unemployment Compensation Act, 165 A.L.R. 1250.
PART 1 GENERAL MATTERS Cross references. Limitations on legislature’s powers, Ga. Const. 1983, Art. III, Sec. VI, Para. V. Secretary of State corporations, § 14-4-1 et seq. Forgery and criminal issuance of bad checks, § 16-9-1 et seq. Criminal penalties for illegal use of credit cards or bank services cards, § 16-9-30 et seq. Bond requirements for banks and trust
companies acting as guardian of property, § 29-4-16. Authority of notaries public who are officers, employees, or other representatives of banks to take acknowledgment of any party to any written instrument executed to or by such bank, § 45-17-12. Appointment of banks and trust companies as state depositories, § 50-17-50 et seq.
T.7, C.1, A.2, P.1
RESEARCH REFERENCES ALR. Liability of bank which credits paper payable to a corporation to the personal credit of corporate officer who indorsed it, and pays out the proceeds on the latter’s personal checks, 9 A.L.R. 346. Duty and liability of bank under agreement to remit money or establish credit, 27 A.L.R. 1488; 45 A.L.R. 1052; 69 A.L.R. 673. When bank deemed insolvent, or “hopelessly” insolvent, in civil cases, 85 A.L.R. 811. Statute regulating banks and trust companies as special or class legislation, or as denying the equal protection of the laws, 111 A.L.R. 140.
Stipulation relieving bank from, or limiting its liability for disregard of, stoppayment order, 1 A.L.R.2d 1155. Admissibility, in negligence action against bank by depositor, of evidence as to custom of banks in locality in handling and dealing with checks and other items involved, 8 A.L.R.2d 446. Bank’s liability for breach of implied contract of good faith and fair dealing, 55 A.L.R.4th 1026. Bank’s liability to customer for imposing allegedly excessive service charges, 73 A.L.R.4th 1028.