#aacth ,,congress  #b;d ,session  ,h4   
,r4 #ccgd  ,,an ,,act  ,to provide for  
the use of savings promotion raffle     
products by financial institutions to   
encourage savings1 and for other        
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,american ,savings  
,promotion ,act4  #b4 ,findings         
,congress finds that--  7#a7 the annual 
savings rate in the ,united ,states was 
#d4a percent in #bjab2  7#b7 more than  
#dj percent of ,american households lack
 the savings to cover basic expenses for
 #c months1 if an unexpected event leads
 to a loss of stable income2  7#c7      
personal savings provide ,americans with
 the financial resources to meet future 
needs1 including higher education and   
homeownership1 while also providing a   
safety net to weather unexpected        
financial shocks2  7#d7 prize-linked    
savings products are typical savings    
products offered by financial           
institutions1 like savings accounts1    
certificates of deposit1 and savings    

bonds1 with the added feature of        
offering chances to win prizes based on 
deposit activity2  7#e7 the ,state of   
,michigan was the first ,state to allow 
credit unions to offer prize-linked     
savings products1 and in #bjji launched 
the first large-scale prize-linked      
savings product in the ,united ,states2 
7#f7 the ,states of ,connecticut1       
,michigan1 ,maine1 ,maryland1 ,nebraska1
 ,north ,carolina1 ,rhode ,island1 and  
,washington all have laws that allow    
financial institutions to offer         
prize-linked savings products2  7#g7 in 
the ,states of ,michigan and ,nebraska1 
more than #db1jjj individuals have      
opened prize-linked savings accounts and
 saved more than #gb1jjj1jjj2  7#h7     
prize-linked savings products have been 
shown to successfully attract           
non-savers1 the asset poor1 and         
low-to-moderate income groups1 providing
 individuals with a new tool to build   
personal savings2 and  7#i7 encouraging 
personal savings is in the national     

interest of the ,united ,states4  #c4   
,amendment to definitions of lottery    
7a7 ,national banks ,section #eacf;,b7c7
 of the ,revised ,statutes of the       
,united ,states 7#ab ,u4,s4,c4 #be;a7c77
 is amended--  7#a7 in paragraph 7#b71  
by inserting 1 other than a savings     
promotion raffle1 before whereby2 and   
7#b7 by adding at the end the following3
  7#d7 ,the term savings promotion      
raffle means a contest in which the sole
 consideration required for a chance of 
winning designated prizes is obtained by
 the deposit of a specified amount of   
money in a savings account or other     
savings program1 where each ticket or   
entry has an equal chance of being      
drawn1 such contest being subject to    
regulations that may from time to time  
be promulgated by the appropriate       
prudential regulator 7as defined in     
section #ajjb of the ,consumer          
,financial ,protection ,act of #bjaj    
7#ab ,u4,s4,c4 #edha774  4  7b7 ,federal
 reserve banks ,section #i;,a7c7 of the 

,federal ,reserve ,act 7#ab ,u4,s4,c4   
#cci7;c77 is amended-- 7#a7 in paragraph
 7#b71 by inserting 1 other than a      
savings promotion raffle1 before        
whereby2 and  7#b7 by adding at the end 
the following3  7#d7 ,the term savings  
promotion raffle means a contest in     
which the sole consideration required   
for a chance of winning designated      
prizes is obtained by the deposit of a  
specified amount of money in a savings  
account or other savings program1 where 
each ticket or entry has an equal chance
 of being drawn1 such contest being     
subject to regulations that may from    
time to time be promulgated by the      
appropriate prudential regulator 7as    
defined in section #ajjb of the         
,consumer ,financial ,protection ,act of
 #bjaj 7#ab ,u4,s4,c4 #edha774  4  7c7  
,insured depository institutions        
,section #bj7;c7 of the ,federal        
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahbi;a7c77 is amended-- 7#a7 in        
paragraph 7#b71 by inserting 1 other    

than a savings promotion raffle1 before 
whereby2 and  7#b7 by adding at the end 
the following3  7#d7 ,the term savings  
promotion raffle means a contest in     
which the sole consideration required   
for a chance of winning designated      
prizes is obtained by the deposit of a  
specified amount of money in a savings  
account or other savings program1 where 
each ticket or entry has an equal chance
 of being drawn1 such contest being     
subject to regulations that may from    
time to time be promulgated by the      
appropriate prudential regulator 7as    
defined in section #ajjb of the         
,consumer ,financial ,protection ,act of
 #bjaj 7#ab ,u4,s4,c4 #edha774  4  7d7  
,federal savings and loan associations  
,section #d7;e77#c7 of the ,home        
,owners' ,loan ,act 7#ab ,u4,s4,c4      
#adfc7;e77#c77 is amended-- 7#a7 in     
subparagraph 7,b71 by inserting 1 other 
than a savings promotion raffle1 after  
arrangement2 and  7#b7 by adding at the 
end the following3  7,d7 ,savings       

promotion raffle ,the term savings      
promotion raffle means a contest in     
which the sole consideration required   
for a chance of winning designated      
prizes is obtained by the deposit of a  
specified amount of money in a savings  
account or other savings program1 where 
each ticket or entry has an equal chance
 of being drawn1 such contest being     
subject to regulations that may from    
time to time be promulgated by the      
appropriate prudential regulator 7as    
defined in section #ajjb of the         
,consumer ,financial ,protection ,act of
 #bjaj 7#ab ,u4,s4,c4 #edha774  4  #d4  
,criminal provisions  7a7 ,in general   
,chapter #fa of title #ah1 ,united      
,states ,code1 is amended by adding at  
the end the following3  #acjh4          
,limitation of applicability  7a7       
,limitation of applicability ,sections  
#acja1 #acjb1 #acjc1 #acjd1 and #acjf   
shall not apply--  7#a7 to a savings    
promotion raffle conducted by an insured
 depository institution or an insured   

credit union2 or  7#b7 to any activity  
conducted in connection with any such   
savings promotion raffle1 including1    
without limitation1 to the--  7,a7      
transmission of any advertisement1 list 
of prizes1 or other information         
concerning the savings promotion raffle2
  7,b7 offering1 facilitation1 and      
acceptance of deposits1 withdrawals1 or 
other transactions in connection with   
the savings promotion raffle2  7,c7     
transmission of any information relating
 to the savings promotion raffle1       
including account balance and           
transaction information2 and  7,d7      
deposit or transmission of prizes       
awarded in the savings promotion raffle 
as well as notification or publication  
thereof4  7b7 ,definitions ,in this     
section-- 7#a7 the term insured credit  
union shall have the meaning given the  
term in section #aja of the ,federal    
,credit ,union ,act 7#ab ,u4,s4,c4      
#ageb72  7#b7 the term insured          
depository institution shall have the   

meaning given the term in section #c of 
the ,federal ,deposit ,insurance ,act   
7#ab ,u4,s4,c4 #ahac72 and  7#c7 the    
term savings promotion raffle means a   
contest in which the sole consideration 
required for a chance of winning        
designated prizes is obtained by the    
deposit of a specified amount of money  
in a savings account or other savings   
program1 where each ticket or entry has 
an equal chance of being drawn1 such    
contest being subject to regulations    
that may from time to time be           
promulgated by the appropriate          
prudential regulator 7as defined in     
section #ajjb of the ,consumer          
,financial ,protection ,act of #bjaj    
7#ab ,u4,s4,c4 #edha774  4  7b7         
,technical and conforming amendment ,the
 table of sections for chapter #fa of   
title #ah1 ,united ,states ,code1 is    
amended by adding after the item        
relating to section #acjg the following3
  #acjh4 ,limitation of applicability4  
4  #e4 ,racketeering ,chapter #ie of    

title #ah1 ,united ,states ,code1 is    
amended-- 7#a7 in section #aieb1 by     
adding at the end the following3  7e7   
7#a7 ,this section shall not apply to a 
savings promotion raffle conducted by an
 insured depository institution or an   
insured credit union4  7#b7 ,in this    
subsection-- 7,a7 the term insured      
credit union shall have the meaning     
given the term in section #aja of the   
,federal ,credit ,union ,act 7#ab       
,u4,s4,c4 #ageb72  7,b7 the term insured
 depository institution shall have the  
meaning given the term in section #c of 
the ,federal ,deposit ,insurance ,act   
7#ab ,u4,s4,c4 #ahac72 and  7,c7 the    
term savings promotion raffle means a   
contest in which the sole consideration 
required for a chance of winning        
designated prizes is obtained by the    
deposit of a specified amount of money  
in a savings account or other savings   
program1 where each ticket or entry has 
an equal chance of being drawn1 such    
contest being subject to regulations    

that may from time to time be           
promulgated by the appropriate          
prudential regulator 7as defined in     
section #ajjb of the ,consumer          
,financial ,protection ,act of #bjaj    
7#ab ,u4,s4,c4 #edha774  2  7#b7 in     
section #aiec-- 7,a7 in subsection 7b71 
by striking or 7#e7 and inserting 7#e7  
equipment1 tickets1 or materials used or
 designed for use in a savings promotion
 raffle operated by an insured          
depository institution or an insured    
credit union1 or 7#f72 and  7,b7 by     
striking subsections 7d7 and 7e7 and    
inserting the following3  7d7 ,for      
purposes of this section--  7#a7 the    
term foreign country means any empire1  
country1 dominion1 colony1 or           
protectorate1 or any subdivision thereof
 7other than the ,united ,states1 its   
territories or possessions72  7#b7 the  
term insured credit union shall have the
 meaning given the term in section #aja 
of the ,federal ,credit ,union ,act 7#ab
 ,u4,s4,c4 #ageb72  7#c7 the term       

insured depository institution shall    
have the meaning given the term in      
section #c of the ,federal ,deposit     
,insurance ,act 7#ab ,u4,s4,c4 #ahac72  
7#d7 the term lottery-- 7,a7 means the  
pooling of proceeds derived from the    
sale of tickets or chances and allotting
 those proceeds or parts thereof by     
chance to one or more chance takers or  
ticket purchasers2 and  7,b7 does not   
include the placing or accepting of bets
 or wagers on sporting events or        
contests2  7#e7 the term savings        
promotion raffle means a contest in     
which the sole consideration required   
for a chance of winning designated      
prizes is obtained by the deposit of a  
specified amount of money in a savings  
account or other savings program1 where 
each ticket or entry has an equal chance
 of being drawn1 such contest being     
subject to regulations that may from    
time to time be promulgated by the      
appropriate prudential regulator 7as    
defined in section #ajjb of the         

,consumer ,financial ,protection ,act of
 #bjaj 7#ab ,u4,s4,c4 #edha772 and  7#f7
 the term ,state means a ,state of the  
,united ,states1 the ,district of       
,columbia1 the ,commonwealth of ,puerto 
,rico1 or any territory or possession of
 the ,united ,states4  2 and  7#c7 in   
section #aiee-- 7,a7 in subsection 7b7--
  7i7 by redesignating paragraph 7#b7 as
 paragraph 7#d72  7ii7 by redesignating 
paragraph 7#c7 as paragraph 7#f72  7iii7
 by inserting after paragraph 7#a7 the  
following3  7#b7 insured credit union   
shall have the meaning given the term in
 section #aja of the ,federal ,credit   
,union ,act 7#ab ,u4,s4,c4 #ageb74  7#c7
 insured depository institution shall   
have the meaning given the term in      
section #c of the ,federal ,deposit     
,insurance ,act 7#ab ,u4,s4,c4 #ahac74  
2 and  7iv7 by inserting after paragraph
 7#d71 as redesignated1 the following3  
7#e7 savings promotion raffle means a   
contest in which the sole consideration 
required for a chance of winning        

designated prizes is obtained by the    
deposit of a specified amount of money  
in a savings account or other savings   
program1 where each ticket or entry has 
an equal chance of being drawn1 such    
contest being subject to regulations    
that may from time to time be           
promulgated by the appropriate          
prudential regulator 7as defined in     
section #ajjb of the ,consumer          
,financial ,protection ,act of #bjaj    
7#ab ,u4,s4,c4 #edha774  2 and  7,b7 in 
subsection 7e7-- 7i7 by striking shall  
not apply to any bingo and inserting the
 following3  shall not apply to-- 7#a7  
any bingo  2  7ii7 by striking the      
period and inserting 2 or2 and  7iii7 by
 adding at the end the following3  7#b7 
any savings promotion raffle4  4        
,passed the ,house of ,representatives  
,september #ae1 #bjad4;,clerk4