§ 339. Participation by State member banks in lotteries and related activities

Footnotes

1. 1 So in original. The word “or” probably should appear.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1913

   Pub. L. 90–203 § 2 · 81 Stat. 608

   Enacted · 12 U.S.C. § 339

   Dec. 13, 1913, ch. 6, § 9A, as added Pub. L. 90–203, § 2, Dec. 15, 1967, 81 Stat. 609

   Source evidence

   Code source credit
   Dec. 13, 1913, ch. 6, § 9A, as added Pub. L. 90–203, § 2, Dec. 15, 1967, 81 Stat. 609

   Enacted provision · exact public law section
   Sec. 2. The Federal Reserve Act is amended by inserting immediately Federal Reserve Act, amendment. 38 Stat. 259. 12 USC 321–338. after section 9 the following new section: “section 9A. participation in lotteries prohibited “(a) A State member bank may not— “(1) deal in lottery tickets; “(2) deal in bets used as a means or substitute for participation in a lottery; “(3) announce, advertise, or publicize the existence of any lottery; “(4) announce, advertise, or publicize the existence or identity of any participant or winner, as such, in a lottery. “(b) A State member bank may not permit— “(1) the use of any part of any of its banking offices by any person for any purpose forbidden to the bank under subsection (a), or “(2) direct access by the public from any of its banking offices to any premises used by any person for any purpose forbidden to the bank under subsection (a). “(c) As used in this section— Definitions. “(1) The term ‘deal in’ includes making, taking, buying, selling, redeeming, or collecting. “(2) The term ‘lottery’ includes any arrangement whereby three or more persons (the ‘participants’) advance money or credit to another in exchange for the possibility or expectation that one or more but not all of the participants (the ‘winners’) will receive by reason of their advances more than the amounts they have advanced, the identity of the winners being determined by any means which includes— “(A) a random selection; “(B) a game, race, or contest; or “(C) any record or tabulation of the result of one or more events in which any participant has no interest except for its bearing upon the possibility that he may become a winner. “(3) The term ‘lottery ticket’ includes any right, privilege, or possibility (and any ticket, receipt, record, or other evidence of any such right, privilege, or possibility) of becoming a winner in a lottery. “(d) Nothing contained in this section prohibits a State member bank from accepting deposits or cashing or otherwise handling checks or other negotiable instruments, or performing other lawful banking services for a State operating a lottery, or for an officer or employee of that State who is charged with the administration of the lottery. “(e) The Board of Governors of the Federal Reserve System shall issue such regulations as may be necessary to the strict enforcement of this section and the prevention of evasions thereof.”

2. 2014

   American Savings Promotion Act

   Pub. L. 113–251 § 3(b)(1) · 128 Stat. 2888

   Inserted · 12 U.S.C. § 339(c)(2)

   Pub. L. 113–251, § 3(b)(1), inserted “, other than a savings promotion raffle,” before “whereby” in introductory provisions

   Source evidence

   Code amendment note
   Subsec. (c)(2). Pub. L. 113–251, § 3(b)(1), inserted “, other than a savings promotion raffle,” before “whereby” in introductory provisions.

   Enacted provision · exact public law section
   (1) in paragraph (2), by inserting “, other than a savings promotion raffle,” before “whereby”; and

3. 2014

   American Savings Promotion Act

   Pub. L. 113–251 § 3(b)(2) · 128 Stat. 2888

   Added · 12 U.S.C. § 339(c)(4)

   Pub. L. 113–251, § 3(b)(2), added par. (4)

   Source evidence

   Code amendment note
   Subsec. (c)(4). Pub. L. 113–251, § 3(b)(2), added par. (4).

   Enacted provision · exact public law section
   (2) by adding at the end the following: “(4) The term ‘savings promotion raffle’ means 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, such contest being subject to regulations that may from time to time be promulgated by the appropriate prudential regulator (as defined in section 1002 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5481)).” .

3 of 3 references resolved to an enrolled provision