12-U.S.C.-1829A
§1829A – Participation By State Nonmember Insured Banks In Lotteries and Related Activities
Pathway
Title 12 > Chapter 16 > Section 1829a
Details
- Reference: Section 1829a
- Legend: §1829A – Participation By State Nonmember Insured Banks In Lotteries and Related Activities
- USCode Year: 2013
Provision Content
(a) Prohibited activities
A State nonmember insured 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; or
(4) announce, advertise, or publicize the existence or identity of any participant or winner, as such, in a lottery.
(b) Use of banking premises prohibited
A State nonmember insured 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) of this section, 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) of this section.
(c) Definitions
As used in this section—
(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) Lawful banking services connected with operation of lottery
Nothing contained in this section prohibits a State nonmember insured 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) Regulations; enforcement
The Board of Directors shall prescribe such regulations as may be necessary to the strict enforcement of this section and the prevention of evasions thereof.
(Sept. 21, 1950, ch. 967, §2[20], as added Pub. L. 90–203, §3, Dec. 15, 1967, 81 Stat. 610; amended Pub. L. 103–325, title VI, §602(a)(51), Sept. 23, 1994, 108 Stat. 2290.)
Amendments
1994—Subsec. (a)(3). Pub. L. 103–325 inserted or at end.
Effective Date
Section effective Apr. 1, 1968, see section 6 of Pub. L. 90–203, set out as a note under section 25a of this title.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-1821A in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-1821A, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-1829 in the Legal Encyclopedia: Credit Institutions
In this entry about 12-U.S.C.-1829, find legal reference material, bibliographies and premiere content related to credit institutions in the American Encyclopedia of Law, presenting a comprehensive view of the United States credit institutions-specific issues, written by authorities in the field.
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