A participating financial institution may conduct a savings promotion contest for the benefit of its depositors only if all of the following conditions are met:

(1) The terms and conditions of the savings promotion contest must allow a depositor to obtain one or more entries to win a specified prize or prizes. Subject to any limits that the participating financial institution may place on the number of entries that a depositor is allowed to obtain for any savings promotion contest, as set forth in the terms and conditions of a specific savings promotion contest, the participating financial institution must allow a depositor to obtain an entry for a savings promotion contest only by doing either or both of the following:

(a) depositing a minimum specified amount of money or making a specified number of deposits into a qualifying account in accordance with the terms and conditions of a specific savings promotion contest;

(b) participating in one or more savings products or programs in accordance with the terms and conditions of a specific savings promotion contest.

(2) A savings promotion contest must comply with all applicable consumer protection laws.

(3) A participating financial institution conducting a savings promotion contest shall not require any depositor or other individual to pay a consideration for a chance of winning a prize or prizes designated in a savings promotion contest.

(4) A depositor does not make a payment for consideration if the depositing of a specified amount of money, the making of a specified number of deposits, or the participating in one or more savings programs or products are all made or involve the depositor's accounts.

(5) Each entry in a savings promotion contest must have an equal chance of being drawn.

(6) Participating depositors in a savings promotion contest are not required to be present at a drawing to win a prize.

(7) A participating financial institution must maintain books and records necessary to facilitate an audit of a savings promotion contest and, upon written request, must provide those records to the appropriate state or federal regulatory agency of that financial institution.

(8) A participating financial institution must not conduct a savings promotion contest in a manner that jeopardizes the safety or soundness of the financial institution or misleads its depositors.

(9) A participating financial institution must post, online and in any location where entries may be submitted, the terms and conditions of the savings promotion contest.

HISTORY: 2016 Act No. 203 (S.652), Section 1, eff June 3, 2016.