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Do you have to receive a formal board approval before conducting a savings promotion raffle? Or is it sufficient to simply notify the board? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

Do you have to receive a formal board approval before conducting a savings promotion raffle? Or is it sufficient to simply notify the board?

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Yes, the Illinois Banking Act requires board approval before a state chartered bank may conduct a savings promotion raffle. It is not sufficient to simply notify the board.

For resources related to our guidance, please see:

  • Illinois Banking Act, 205 ILCS 5/5g(b) (“If authorized by its board of directors, a State bank may conduct a savings promotion raffle.”)

  • Illinois Savings Bank Act, 205 ILCS 205/7008(b) (“If authorized by its board of directors, a savings bank may conduct a savings promotion raffle.”)