§1308 Limitation of Applicability

Summary

Sections 1301, 1302, 1303, 1304, and 1306 do not apply when an insured bank or insured credit union runs a savings promotion raffle. The same rule covers actions tied to the raffle, like advertising, taking or handling deposits and withdrawals, sharing account or prize info, and paying or announcing prizes. insured credit union — meaning given in section 101 of the Federal Credit Union Act (12 U.S.C. 1752). insured depository institution — meaning given in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813). savings promotion raffle — a contest where entry is only by depositing a set amount into a savings account or program, each entry has an equal chance to win, and rules may be set by the appropriate prudential regulator (as defined in section 1002 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5481)).