§1308 Limitation of Applicability

Summary

Sections 1301, 1302, 1303, 1304, and 1306 do not apply to savings promotion raffles run by an insured depository institution or an insured credit union. They also do not apply to things tied to those raffles, such as sending ads or prize lists, taking deposits or withdrawals and other transactions, sharing account or transaction info, or paying and announcing prizes. Definitions: "insured credit union" means the term in section 101 of the Federal Credit Union Act (12 U.S.C. 1752). "insured depository institution" means the term in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813). A "savings promotion raffle" is a contest where the only cost to enter is depositing a set amount into a savings account or program, each entry has an equal chance to win, and it follows rules set by the appropriate prudential regulator (12 U.S.C. 5481).