§ 1–211
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 1-211 (2026)
Title 1. Definitions; General Provisions
Subtitle 2. General Provisions
§ 1–211LinkCopy Citation
(a)
(1)
In this section the following words have the meanings indicated.
(2)
“Depository institution” means a financial institution that:
(i)
Is located in this State or maintains a branch in this State; and
(ii)
Is authorized to maintain qualifying accounts.
(3)
“Eligible customer” means an individual who:
(i)
Maintains a qualifying account at a depository institution;
(ii)
Is an adult; and
(iii)
Is a resident of this State.
(4)
“Qualifying account” means a savings account, share account, or other savings product or program:
(i)
Offered by a depository institution;
(ii)
Insured by the Federal Deposit Insurance Corporation, the National Credit Union Administration, or a credit union share guaranty corporation that is approved by the Commissioner; and
(iii)
Through which eligible customers may obtain chances to win prizes in a savings promotion raffle.
(5)
“Savings promotion raffle” means a contest in which:
(i)
The sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a qualifying account; and
(ii)
Each ticket or entry has an equal chance of being drawn.
(b)
A depository institution may conduct a savings promotion raffle for the exclusive benefit of eligible customers if:
(1)
The depository institution maintains books and records relating to the savings promotion raffle; and
(2)
The savings promotion raffle will not:
(i)
Harm the depository institution’s ability to operate in a safe and sound manner; or
(ii)
Mislead the depository institution’s customers.
(c)
Except as preempted by federal law, the Commissioner may:
(1)
Examine the conduct of a savings promotion raffle; and
(2)
Issue a cease and desist order under § 5–808 of this article for a violation of this section.