    [United States Statutes at Large, Volume 128, 113th Congress, 2nd Session]
    [From the U.S. Government Publishing Office, www.gpo.gov]

    Public Law 113-251
    113th Congress

    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.

    [[Page 2889]]

    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

    [[Page 2890]]

    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--

    [[Page 2891]]

    ``(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);

    [[Page 2892]]

    (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.''.

    Approved December 18, 2014.

    LEGISLATIVE HISTORY--H.R. 3374:
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    CONGRESSIONAL RECORD, Vol. 160 (2014):
    Sept. 15, considered and passed House.
    Dec. 10, considered and passed Senate.