(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.
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