Illinois Code § 42.7
Illinois Code § 42.7. Reproduced from the official Illinois Compiled Statutes, with a citation summary, verification link, and related provisions.
§ 42.7.
Savings promotion raffle. (a) As used in this Section, "savings promotion raffle" means a raffle conducted by a credit union where the sole consideration required for a chance of winning designated prizes is the deposit of at least a specified amount of money in a savings account or other savings program offered by the credit union. (b) If authorized by its board of directors, a credit union may conduct a savings promotion raffle. The savings promotion raffle shall be conducted so that each token or ticket representing an entry in the savings promotion raffle has an equal chance of being drawn. A credit union shall not conduct a savings promotion raffle in a manner that jeopardizes the credit union's safety and soundness or mislead its members. (c) The Secretary may examine the conduct of a savings promotion raffle and may issue a cease and desist order for a violation of this Section. (d) A credit union shall maintain records sufficient to facilitate an audit of the savings promotion raffle. (Source: P.A. 99-149, eff. 1-1-16.)
Source: official Illinois text · Last verified 2026-08-27
At a glance
- Citation: Illinois Compiled Statutes § 42.7
- Jurisdiction: Illinois
- Code: Illinois Compiled Statutes
- Text: transcribed from the official source (verify below)
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Statute text is transcribed from the official Illinois Compiled Statutes. Confirm it against the primary source before relying on it:
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Common questions
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What subject does Illinois Compiled Statutes § 42.7 address?
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