(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.