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Does Illinois have a law similar to the federal American Savings Promotion Act that authorizes state chartered banks to conduct savings promotion raffles? – IBA Compliance Connection

IBA Compliance Connection

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Does Illinois have a law similar to the federal American Savings Promotion Act that authorizes state chartered banks to conduct savings promotion raffles?

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Yes. Illinois has enacted a law that essentially mirrors the American Savings Promotion Act. Illinois Public Act 99-149, effective January 1, 2016, authorizes state-chartered banks, savings banks and credit unions to conduct savings promotion raffles and to promote prize-linked savings accounts.

Specifically, the Illinois legislation amended the Illinois Banking Act, Savings Bank Act and Credit Union Act to expressly authorize Illinois-chartered banks and credit unions to conduct savings promotion raffles. It also created an exception from the gambling prohibitions in the Illinois Criminal Code and exempted savings promotion raffles from the requirements of the Raffles and Poker Runs Act. You can read more about this legislation on the Featured Developments page of our IBA Compliance Connection website.

For resources related to our guidance, please see:

  • Illinois Criminal Code, 720 ILCS 5/28-1(b)(14) (exempts savings promotion raffles from the definition of “lottery”)
  • Raffles and Poker Runs Act, 230 ILCS 15/1 (exempts savings promotion raffles from the definition of “raffle”
  • Illinois Banking Act, 205 ILCS 5/5g (permits banks to conduct savings promotion raffles)
  • Illinois Savings Banking Act, 205 ILCS 205/7008 (permits savings banks to conduct savings promotion raffles)