Sec. 01.02.07.04. Requisite Title to Property

A. Before a charitable organization may advertise or conduct a raffle of real property in this State, the charitable organization shall own at least equitable title to the real property to be raffled.

B. If the charitable organization has obtained or will obtain equitable or other title to the real property pursuant to a conditional sales agreement, an option, or any similar arrangement that is in any way dependent or conditioned on the actual holding of or the outcome of the raffle, the purchase price to be paid by the charitable organization for the real property may not exceed the current fair market value of the property, as evidenced by a bona fide independent appraisal of the property made within 90 days preceding the date on which the drawing is to be held.

C. The amount of the purchase price paid or to be paid by the charitable organization for the real property may not be conditioned on the amount of the proceeds received or to be received by the charitable organization from the sale of chances.