Michigan — Statute

750.315a – Savings promotion raffle | Michigan Law

Michigan law exempts certain financial institution savings promotion raffles from the Penal Code, including credit unions and banks conducting raffles properly.

Legal Content

Michigan State Law

750.315a – Savings promotion raffle

Michigan Penal Code § 750.315a

Summary

This law states that the Michigan Penal Code does not apply to certain savings promotion raffles conducted by specific financial institutions, including domestic credit unions, state banks, federally chartered credit unions, national banks, and federally chartered savings and loan associations. These raffles must be conducted in the same manner as those by domestic credit unions under section 411 of the Michigan Credit Union Act.

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Explain Like I'm 5

In simple terms: Michigan law exempts certain financial institution savings promotion raffles from the Penal Code, including credit unions and banks conducting raffles properly.. This means people must follow this rule, and breaking it can lead to criminal penalties.