N.J. Admin. Code § 3:37-1.3

Current through Register Vol. 56, No. 23, December 2, 2024

Section 3:37-1.3 - Required disclosures and minimum standards

(a) A financial institution may conduct a savings account promotion provided that the sole consideration required for a chance to win a designated prize is the deposit of a minimum specified amount of money in a qualified account.

(b) A financial institution shall provide that each entry must have an equal chance of being drawn.

(c) A financial institution may limit the number of entries that may be submitted by an eligible individual.

(d) A financial institution may not conduct a savings account promotion in a way that jeopardizes the financial institution's financial condition, unfairly discriminates, or misleads an eligible individual or the public.

(e) A financial institution conducting a savings account promotion shall:

1. Post the terms and conditions of the savings account promotion in any location where entries may be submitted and shall include such terms and conditions in any printed materials or electronic media advertising the savings promotion; and

2. Include the following terms and conditions for a savings account promotion in all raffle information:

i. No other action, purchase, or other consideration is necessary to enter the savings account promotion;

ii. Each entry has the same chance of winning the savings account promotion;

iii. The chance of winning the savings account promotion will be determined based on the number of entries received;

iv. Any limitations on the number of entries that an eligible individual may submit;

v. Any specific requirement on the length of time that the money must remain on deposit in a qualified account in order to participate in a savings promotion; and

vi. The winner is solely responsible for all applicable Federal and State taxes.

N.J. Admin. Code § 3:37-1.3

Adopted by 49 N.J.R. 3355(b), effective 10/2/2017