(a) (1) The sheriff may not issue to a single organization in 1 calendar year more than 12 raffle licenses, no more than one of which may be for a raffle with a money prize exceeding $1,000.
(2) All raffle drawings shall be conducted in 1 calendar day.
(3) A raffle license is valid until all raffles are drawn.
(4) A raffle license shall state the day for the drawing or drawings.
(b) A money prize for a raffle may not exceed:
(1) $10,000 if the sponsoring organization has not held a raffle for a money prize exceeding $1,000 in the current calendar year; or
(2) $1,000 if the sponsoring organization has held a raffle for a money prize exceeding $1,000 in the current calendar year.
(c) An organization that intends to conduct a raffle for a money prize exceeding $1,000 shall:
(1) post a bond in the amount of the money prize; or
(2) obtain an irrevocable letter of credit from a bank in the amount of the money prize.