Ga. Comp. R. & Regs. 80-1-1-.13

Current through Rules and Regulations filed through November 22, 2024

Rule 80-1-1-.13 - Savings Promotion Raffle

At least thirty (30) days prior to conducting a savings promotion raffle under O.C.G.A. § 7-1-239.10, a bank must provide the Department with written notice detailing the proposed savings promotion raffle. Such notice shall, at a minimum, contain the following information:

(a) A detailed description of the terms of the proposed savings promotion raffle including, but not limited to, the type of account that will be utilized to offer the savings promotion raffle, the interest rate to be paid on the account, the fees associated with the account, the fees associated with the most substantially similar account to the savings promotion raffle account offered by the bank, the amount required to be deposited in the account for a customer to be entered in the raffle and any limitations on the number of entries per customer, the frequency of drawings, and available prizes;

(b) Bank's policies and procedures related to the proposed savings promotion raffle;

(c) Sample of all disclosures provided to customers opening a savings promotion raffle account in accordance with O.C.G.A. § 7-1-239.10(c)(1);

(d) Identity and contact information of all third-party service providers, if any, who are contracted to manage or provide administrative support related to conducting the proposed savings promotion raffle; and

(e) If the savings promotion raffle is conducted in whole or in part by a third-party service provider, a document from the third-party service provider identifying the number and location of all other financial institutions whose customers and members are eligible to participate in the savings promotion raffle.

(2) A bank's directors, officers, employees, and the members of such persons' immediate family, as defined by O.C.G.A. § 20-2-58.1, are prohibited from participating in a savings promotion raffle conducted by that bank. A bank's directors and officers are prohibited from participating in a savings promotion raffle at any financial institution if the savings promotion raffle is administered by the same third-party service provider that administers the savings promotion raffle at the bank.

Ga. Comp. R. & Regs. R. 80-1-1-.13

O.C.G.A. §§ 7-1-61; 7-1-239.10.

Original Rule entitled "Savings Promotion Raffle" adopted. F. July 9, 2019; eff. July 29, 2019.