The South Carolina General Assembly finds that:
(1) Savings promotion contests encourage people to save money by adding a feature to personal savings accounts that include a chance to win prizes.
(2) Savings promotion contests are not lotteries, because they do not require individuals to pay consideration for a chance to win a prize, and the individual maintains ownership of the money that is deposited into a savings or other qualifying account.
(3) The prizes are funded through the interest that accrues across the pool of savings accounts participating in a savings promotion contest.
(4) Federal law allows both depository financial institutions and credit unions to hold savings promotion contests, subject to certain conditions and authorization under state law.
(5) Savings promotion contests in other states and countries have led to an increase in the number and amount of funds in personal savings accounts.
(6) It is in the best interest of the citizens of South Carolina to encourage increases in personal savings accounts.
HISTORY: 2016 Act No. 203 (S.652), Section 1, eff June 3, 2016.
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