{"data":{"id":"us-md/md.-code-financial-institutions-1-211","jurisdiction":"us-md","citation":"Md. Code, Financial Institutions § 1–211","heading":"","body":"(a) (1) In this section the following words have the meanings indicated.\n(2) “Depository institution” means a financial institution that:\n(i) Is located in this State or maintains a branch in this State; and\n(ii) Is authorized to maintain qualifying accounts.\n(3) “Eligible customer” means an individual who:\n(i) Maintains a qualifying account at a depository institution;\n(ii) Is an adult; and\n(iii) Is a resident of this State.\n(4) “Qualifying account” means a savings account, share account, or other savings product or program:\n(i) Offered by a depository institution;\n(ii) Insured by the Federal Deposit Insurance Corporation, the National Credit Union Administration, or a credit union share guaranty corporation that is approved by the Commissioner; and\n(iii) Through which eligible customers may obtain chances to win prizes in a savings promotion raffle.\n(5) “Savings promotion raffle” means a contest in which:\n(i) The sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a qualifying account; and\n(ii) Each ticket or entry has an equal chance of being drawn.\n(b) A depository institution may conduct a savings promotion raffle for the exclusive benefit of eligible customers if:\n(1) The depository institution maintains books and records relating to the savings promotion raffle; and\n(2) The savings promotion raffle will not:\n(i) Harm the depository institution’s ability to operate in a safe and sound manner; or\n(ii) Mislead the depository institution’s customers.\n(c) Except as preempted by federal law, the Commissioner may:\n(1) Examine the conduct of a savings promotion raffle; and\n(2) Issue a cease and desist order under § 5–808 of this article for a violation of this section.","path":["Article - Financial Institutions"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gfi\u0026section=1-211","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:58:27Z","sha256":"7302a694108a5d99c88be0bb85e2a789b11b71a919dc2176c8873544f15fe31d","source_id":"us-md","stale":false,"prev":"us-md/md.-code-financial-institutions-1-210","next":"us-md/md.-code-financial-institutions-1-212"},"notice":"GroundRules: Original legal text. Not legal advice."}