FDIC Law, Regulations, Related Acts
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1000 - Federal Deposit Insurance Act
SEC. 20. PARTICIPATION BY STATE NONMEMBER INSURED BANKS IN LOTTERIES AND RELATED ACTIVITIES.--
(a) Prohibited Activities.--A State nonmember insured bank may not--
[Codified to 12 U.S.C. 1829a(a)]
[Source: Section 2[20(a)] of the Act of September 21, 1950 (Pub. L. No. 797), as added by section 3 of the Act of December 15, 1967 (Pub. L. No. 90--203; 81 Stat. 610), effective April 1, 1968; as amended by section 602(a)(51) of title VI of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2290), effective September 23,1994]
(b) Use of Banking Premises Prohibited.--A State nonmember insured bank may not permit--
[Codified to 12 U.S.C. 1829a(b)]
[Source: Section 2[20(b)] of the Act of September 21, 1950 (Pub. L. No. 797), as added by section 3 of the Act of December 15, 1967 (Pub. L. No. 90--203; 81 Stat. 610), effective April 1, 1968]
(c) DEFINITIONS
As used in this section--
[Codified to 12 U.S.C. 1829a(c)]
[Source: Section 2[20(c) of the Act of September 21, 1950, as added by section 3 of the Act of Dec. 15, 1967, (Pub. L. No. 90--203; 81 Stat. 610), effective April 1, 1968; as amended by section 3(c) of the Act of December 18, 2014 (Pub.L. 113--251; 128 Stat. 2889)]
(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.
[Codified to 12 U.S.C. 1829a(e)]
[Source: Section 2[20(e)] of the Act of September 21, 1950 (Pub. L. No. 797), as added by section 3 of the Act of December 15, 1967 (Pub. L. No. 90--203; 81 Stat. 610), effective April 1, 1968]
NOTES AND DECISIONS
Derivation. Section 20 derives from section 3 of the Act of December 15, 1967 (Pub. L. No. 90--203; 81 Stat. 610), effective April 1, 1968.