[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3374 Enrolled Bill (ENR)]
H.R.3374
One Hundred Thirteenth Congress
of the
United States of America
AT THE SECOND SESSION
Begun and held at the City of Washington on Friday,
the third day of January, two thousand and fourteen
An Act
To provide for the use of savings promotion raffle products by financial
institutions to encourage savings, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``American Savings Promotion Act''.
SEC. 2. FINDINGS.
Congress finds that--
(1) the annual savings rate in the United States was 4.1
percent in 2012;
(2) more than 40 percent of American households lack the
savings to cover basic expenses for 3 months, if an unexpected
event leads to a loss of stable income;
(3) personal savings provide Americans with the financial
resources to meet future needs, including higher education and
homeownership, while also providing a safety net to weather
unexpected financial shocks;
(4) prize-linked savings products are typical savings products
offered by financial institutions, like savings accounts,
certificates of deposit, and savings bonds, with the added feature
of offering chances to win prizes based on deposit activity;
(5) the State of Michigan was the first State to allow credit
unions to offer prize-linked savings products, and in 2009 launched
the first large-scale prize-linked savings product in the United
States;
(6) the States of Connecticut, Michigan, Maine, Maryland,
Nebraska, North Carolina, Rhode Island, and Washington all have
laws that allow financial institutions to offer prize-linked
savings products;
(7) in the States of Michigan and Nebraska, more than 42,000
individuals have opened prize-linked savings accounts and saved
more than $72,000,000;
(8) prize-linked savings products have been shown to
successfully attract non-savers, the asset poor, and low-to-
moderate income groups, providing individuals with a new tool to
build personal savings; and
(9) encouraging personal savings is in the national interest of
the United States.
SEC. 3. AMENDMENT TO DEFINITIONS OF ``LOTTERY''.
(a) National Banks.--Section 5136B(c) of the Revised Statutes of
the United States (12 U.S.C. 25a(c)) is amended--
(1) in paragraph (2), by inserting ``, other than a savings
promotion raffle,'' before ``whereby''; and
(2) by adding at the end the following:
``(4) 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 program, where each
ticket or entry has an equal chance of being drawn, such contest
being subject to regulations that may from time to time be
promulgated by the appropriate prudential regulator (as defined in
section 1002 of the Consumer Financial Protection Act of 2010 (12
U.S.C. 5481)).''.
(b) Federal Reserve Banks.--Section 9A(c) of the Federal Reserve
Act (12 U.S.C. 339(c)) is amended--
(1) in paragraph (2), by inserting ``, other than a savings
promotion raffle,'' before ``whereby''; and
(2) by adding at the end the following:
``(4) 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 program, where each
ticket or entry has an equal chance of being drawn, such contest
being subject to regulations that may from time to time be
promulgated by the appropriate prudential regulator (as defined in
section 1002 of the Consumer Financial Protection Act of 2010 (12
U.S.C. 5481)).''.
(c) Insured Depository Institutions.--Section 20(c) of the Federal
Deposit Insurance Act (12 U.S.C. 1829a(c)) is amended--
(1) in paragraph (2), by inserting ``, other than a savings
promotion raffle,'' before ``whereby''; and
(2) by adding at the end the following:
``(4) 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 program, where each
ticket or entry has an equal chance of being drawn, such contest
being subject to regulations that may from time to time be
promulgated by the appropriate prudential regulator (as defined in
section 1002 of the Consumer Financial Protection Act of 2010 (12
U.S.C. 5481)).''.
(d) Federal Savings and Loan Associations.--Section 4(e)(3) of the
Home Owners' Loan Act (12 U.S.C. 1463(e)(3)) is amended--
(1) in subparagraph (B), by inserting ``, other than a savings
promotion raffle,'' after ``arrangement''; and
(2) by adding at the end the following:
``(D) 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 program, where each
ticket or entry has an equal chance of being drawn, such
contest being subject to regulations that may from time to time
be promulgated by the appropriate prudential regulator (as
defined in section 1002 of the Consumer Financial Protection
Act of 2010 (12 U.S.C. 5481)).''.
SEC. 4. CRIMINAL PROVISIONS.
(a) In General.--Chapter 61 of title 18, United States Code, is
amended by adding at the end the following:
``Sec. 1308. Limitation of applicability
``(a) Limitation of Applicability.--Sections 1301, 1302, 1303,
1304, and 1306 shall not apply--
``(1) to a savings promotion raffle conducted by an insured
depository institution or an insured credit union; or
``(2) to any activity conducted in connection with any such
savings promotion raffle, including, without limitation, to the--
``(A) transmission of any advertisement, list of prizes, or
other information concerning the savings promotion raffle;
``(B) offering, facilitation, and acceptance of deposits,
withdrawals, or other transactions in connection with the
savings promotion raffle;
``(C) transmission of any information relating to the
savings promotion raffle, including account balance and
transaction information; and
``(D) deposit or transmission of prizes awarded in the
savings promotion raffle as well as notification or publication
thereof.
``(b) Definitions.--In this section--
``(1) the term `insured credit union' shall have the meaning
given the term in section 101 of the Federal Credit Union Act (12
U.S.C. 1752);
``(2) the term `insured depository institution' shall have the
meaning given the term in section 3 of the Federal Deposit
Insurance Act (12 U.S.C. 1813); and
``(3) 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 program, where each
ticket or entry has an equal chance of being drawn, such contest
being subject to regulations that may from time to time be
promulgated by the appropriate prudential regulator (as defined in
section 1002 of the Consumer Financial Protection Act of 2010 (12
U.S.C. 5481)).''.
(b) Technical and Conforming Amendment.--The table of sections for
chapter 61 of title 18, United States Code, is amended by adding after
the item relating to section 1307 the following:
``1308. Limitation of applicability.''.
SEC. 5. RACKETEERING.
Chapter 95 of title 18, United States Code, is amended--
(1) in section 1952, by adding at the end the following:
``(e)(1) This section shall not apply to a savings promotion raffle
conducted by an insured depository institution or an insured credit
union.
``(2) In this subsection--
``(A) the term `insured credit union' shall have the meaning
given the term in section 101 of the Federal Credit Union Act (12
U.S.C. 1752);
``(B) the term `insured depository institution' shall have the
meaning given the term in section 3 of the Federal Deposit
Insurance Act (12 U.S.C. 1813); and
``(C) 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 program, where each
ticket or entry has an equal chance of being drawn, such contest
being subject to regulations that may from time to time be
promulgated by the appropriate prudential regulator (as defined in
section 1002 of the Consumer Financial Protection Act of 2010 (12
U.S.C. 5481)).'';
(2) in section 1953--
(A) in subsection (b), by striking ``or (5)'' and inserting
``(5) equipment, tickets, or materials used or designed for use
in a savings promotion raffle operated by an insured depository
institution or an insured credit union, or (6)''; and
(B) by striking subsections (d) and (e) and inserting the
following:
``(d) For purposes of this section--
``(1) the term `foreign country' means any empire, country,
dominion, colony, or protectorate, or any subdivision thereof
(other than the United States, its territories or possessions);
``(2) the term `insured credit union' shall have the meaning
given the term in section 101 of the Federal Credit Union Act (12
U.S.C. 1752);
``(3) the term `insured depository institution' shall have the
meaning given the term in section 3 of the Federal Deposit
Insurance Act (12 U.S.C. 1813);
``(4) the term `lottery'--
``(A) 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
purchasers; and
``(B) does not include the placing or accepting of bets or
wagers on sporting events or contests;
``(5) 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 program, where each
ticket or entry has an equal chance of being drawn, such contest
being subject to regulations that may from time to time be
promulgated by the appropriate prudential regulator (as defined in
section 1002 of the Consumer Financial Protection Act of 2010 (12
U.S.C. 5481)); and
``(6) the term `State' means a State of the United States, the
District of Columbia, the Commonwealth of Puerto Rico, or any
territory or possession of the United States.''; and
(3) in section 1955--
(A) in subsection (b)--
(i) by redesignating paragraph (2) as paragraph (4);
(ii) by redesignating paragraph (3) as paragraph (6);
(iii) by inserting after paragraph (1) the following:
``(2) `insured credit union' shall have the meaning given the
term in section 101 of the Federal Credit Union Act (12 U.S.C.
1752).
``(3) `insured depository institution' shall have the meaning
given the term in section 3 of the Federal Deposit Insurance Act
(12 U.S.C. 1813).''; and
(iv) by inserting after paragraph (4), as redesignated,
the following:
``(5) `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 program, where each ticket or
entry has an equal chance of being drawn, such contest being
subject to regulations that may from time to time be promulgated by
the appropriate prudential regulator (as defined in section 1002 of
the Consumer Financial Protection Act of 2010 (12 U.S.C. 5481)).'';
and
(B) in subsection (e)--
(i) by striking ``shall not apply to any bingo'' and
inserting the following: ``shall not apply to--
``(1) any bingo'';
(ii) by striking the period and inserting ``; or''; and
(iii) by adding at the end the following:
``(2) any savings promotion raffle.''.
Speaker of the House of Representatives.
Vice President of the United States and
President of the Senate.