Massachusetts General Laws
Chapter 167d - Deposits and Accounts
Section 3a - Savings Promotion Raffles

Section 3A. (a) For the purposes of this section, the term ''savings promotion raffle'' shall mean 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 and where the contest is subject to regulations that may be promulgated by the appropriate federal regulatory agency, as defined by 12 U.S.C. 5481.
(b) A bank may receive deposits in conjunction with a savings promotion raffle pursuant to the federal American Savings Promotion Act, Public Law 113–251. A savings promotion raffle conducted pursuant to this section shall not be a violation of section 7 of chapter 271.
(c) The commissioner shall promulgate regulations necessary to implement and administer this section.

Structure Massachusetts General Laws

Massachusetts General Laws

Part I - Administration of the Government

Title XXII - Corporations

Chapter 167d - Deposits and Accounts

Section 1 - Definitions

Section 2 - Powers

Section 3 - Types of Deposits Which May Be Received by Bank

Section 3a - Savings Promotion Raffles

Section 4 - Limited Access Deposit Accounts

Section 5 - Demand Deposit Account and Savings Account for Persons 18 Years of Age or Under or 65 Years of Age or Older

Section 6 - Fee, Charges or Assessments; Refusal of Payment of Deposited Instruments; Costs for Processing Deposited Instrument

Section 7 - Provision of Cancelled Instruments or Copies Thereof

Section 8 - Collateral or Security for Deposit of Money Received

Section 9 - Deposits From Residential Dwelling Unit Lessor Acting as Trustee for Security Deposits

Section 10 - Deposits From Condominium Manager or Managing Agent Acting as Trustee for Condominium Funds

Section 11 - Lost, Stolen or Destroyed Passbooks

Section 12 - Deposits of Decedents; Payment

Section 13 - Unusual Demand by Depositors for Withdrawals; Notice of Intention to Withdraw Deposit or to Apply for Loan Secured by Deposit

Section 14 - Agreements to Exculpate Bank From Payment of Deposit Account to Person Unlawfully Presenting Evidence of Account

Section 15 - Designation of Beneficiary for Pension, Profit-Sharing, Etc. Plans

Section 16 - Transfer of Funds of Depositor or Shareholder as Consequence of Default of Debt Owed to Bank; Notice

Section 17 - Set Off or Recoupment by Person Indebted to Bank

Section 18 - Multiple Claimants for Deposited Funds

Section 19 - Recognition by Bank of Adverse Claimants to Deposits

Section 20 - Repayment of Deposits Made at Branch Located in Foreign Country Prevented by Acts of War, Impairment of Operation of Civil Authority, Etc.