AN ACT to increase the total appraised value of all real estate prizes offered during a calendar year by a nonprofit organization as part of a raffle.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 14‑309.15(g) reads as rewritten:

(g)      Real property may be offered as a prize in a raffle. The maximum appraised value of real property that may be offered for any one raffle is five hundred thousand dollars ($500,000). Any nonprofit organization offering real property as a prize in a raffle shall provide the property free from all liens, provide an owner affidavit and indemnity agreement, and provide a title commitment for the property and shall make that commitment available for inspection upon request. The total appraised value of all real estate prizes offered by any nonprofit organization shall not exceed five hundred thousand two million dollars ($500,000) ($2,000,000) in any calendar year.

SECTION 2.  This act is effective when it becomes law and applies to raffles conducted on or after that date.