Section 30A.22.260 - Promotional contests of chance-Director's authority(1) If approved by its board of directors, a financial institution may conduct a promotional contest of chance as permitted under RCW 9.46.0356(1)(b).(2) A financial institution must not conduct a savings promotional contest of chance, if, in the opinion of the director: (a) It is likely to or does adversely affect the financial institution's safety and soundness;(b) It is administered in an unsafe and unsound or imprudent manner, or in a manner that is likely to or does result in actual or potential reputational harm to the financial institution; or(c) It is likely to or has misled the financial institution's members, depositors, or the general public.(3) The director may examine the conduct of a promotional contest of chance pursuant to his or her supervisory and examination powers under: (a) *Title 30 RCW, in regard to a bank;(b) Title 32 RCW, in regard to a mutual or stock savings bank; or(c) Chapter 31.12 RCW, in regard to a state credit union.(4) The director may exercise his or her full enforcement powers under the titles and chapter in subsection (3) of this section and may issue a cease and desist order for a violation of this section.(5) A financial institution must maintain records sufficient to facilitate an audit of a promotional contest of chance, and must provide those records to the director upon request.Recodified from 30.22.260 by 2014 c 37,§ 4, eff. 1/5/2015.Added by 2011 c 303,§ 5, eff. 7/22/2011.*Reviser's note: Title 30 RCW was recodified and/or repealed pursuant to chapter 37, Laws of 2014, effective January 5, 2015.
Findings-Intent- 2011 c 303 : See note following RCW 9.46.0356.