2012 Revised Code of Washington
Title 30 - BANKS AND TRUST COMPANIES
30.22 Financial institution individual account deposit act.
30.22.260 Promotional contests of chance -- Director's authority.

RCW 30.22.260 Promotional contests of chance — Director's authority.

(1) If approved by its board of directors, a financial institution may conduct a promotional contest of chance as permitted under RCW 9.46.0356(1)(b).

     (2) A financial institution must not conduct a savings promotional contest of chance, if, in the opinion of the director:

     (a) It is likely to or does adversely affect the financial institution's safety and soundness;

     (b) It is administered in an unsafe and unsound or imprudent manner, or in a manner that is likely to or does result in actual or potential reputational harm to the financial institution; or

     (c) It is likely to or has misled the financial institution's members, depositors, or the general public.

     (3) The director may examine the conduct of a promotional contest of chance pursuant to his or her supervisory and examination powers under:

     (a) Title 30 RCW, in regard to a bank;

     (b) Title 32 RCW, in regard to a mutual or stock savings bank; or

     (c) Chapter 31.12 RCW, in regard to a state credit union.

     (4) The director may exercise his or her full enforcement powers under the titles and chapter in subsection (3) of this section and may issue a cease and desist order for a violation of this section.

     (5) A financial institution must maintain records sufficient to facilitate an audit of a promotional contest of chance, and must provide those records to the director upon request.

[2011 c 303 § 5.]

Notes:

Findings -- Intent -- 2011 c 303: See note following RCW 9.46.0356.