Section 1-211 - Savings promotion raffles(a)(1) In this section the following words have the meanings indicated.(2) "Depository institution" means a financial institution that: (i) Is located in this State or maintains a branch in this State; and(ii) Is authorized to maintain qualifying accounts.(3) "Eligible customer" means an individual who:(i) Maintains a qualifying account at a depository institution;(iii) Is a resident of this State.(4) "Qualifying account" means a savings account, share account, or other savings product or program: (i) Offered by a depository institution;(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(iii) Through which eligible customers may obtain chances to win prizes in a savings promotion raffle.(5) "Savings promotion raffle" means a contest in which: (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(ii) Each ticket or entry has an equal chance of being drawn.(b) A depository institution may conduct a savings promotion raffle for the exclusive benefit of eligible customers if: (1) The depository institution maintains books and records relating to the savings promotion raffle; and(2) The savings promotion raffle will not: (i) Harm the depository institution's ability to operate in a safe and sound manner; or(ii) Mislead the depository institution's customers.(c) Except as preempted by federal law, the Commissioner may:(1) Examine the conduct of a savings promotion raffle; and(2) Issue a cease and desist order under § 5-808 of this article for a violation of this section.Amended by 2015 Md. Laws, Ch. 95,Sec. 1, eff. 6/1/2015.