{"data":{"id":"us-mi/mich.-comp.-laws-487.14111","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 487.14111","heading":"Loan promotion raffle or savings promotion raffle.","body":"Sec. 4111.\n\n(1) If authorized by its board of directors, a bank may conduct a loan promotion raffle or savings promotion raffle. The bank shall conduct a loan promotion raffle or savings promotion raffle so that each token or ticket representing an entry in the raffle has an equal chance of being drawn. A bank shall not conduct a loan promotion raffle or savings promotion raffle in a manner that jeopardizes the bank's safety and soundness, misleads its customers, or violates federal law.\n\n(2) A bank shall maintain records sufficient to facilitate an examination of a loan promotion raffle or savings promotion raffle.\n\n(3) As used in this section:\n\n(a) \"Loan promotion raffle\" means a raffle conducted by a bank where the sole consideration required for a chance of winning designated prizes is the closing on a loan with the bank of at least a specified amount.\n\n(b) \"Savings promotion raffle\" means a raffle conducted by a bank where the sole consideration required for a chance of winning designated prizes is the deposit of at least a specified amount of money in a savings account or other savings program offered by the bank.","path":["MI Code","Chapter 487","Act Act-276-of-1999"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-487-14111","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"b9568f155d78a248f89d8eb557c17e5593c7515dff87a38eef49809875a83a70","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-487.14110","next":"us-mi/mich.-comp.-laws-487.14201"},"notice":"GroundRules: Original legal text. Not legal advice."}