[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.