ⓘ American Savings Promotion Act

American Savings Promotion Act

ⓘ American Savings Promotion Act

The American Savings Promotion Act is a United States federal statute that authorizes some financial institutions to conduct a contest, known as a "savings promotion raffle," 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 program, where each ticket or entry has an equal chance of being drawn.

The bill was introduced in the House of Representatives of the United States during the 113th Congress Rep. Derek Kilmer D, VD-6. A companion piece to the legislation introduced in the U.S. Senate, Senator Jerry Moran R-KS and Sherrod brown D-Oh.

The bill was approved in the House by voice vote September 15, 2014, and passed by the Senate unanimously on 10 December 2014. It was signed into law by President Barack Obama on 18 December 2014 and became public law No. 113-251.

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