Section 28-1-23.2-6 - "Prize linked savings program" As used in this chapter, "prize linked savings program" means a contest:
(1) that is associated with one (1) or more qualified accounts or one (1) or more qualified financial programs offered by an eligible depository financial institution to eligible individuals;(2) that is conducted by an eligible depository financial institution, alone or together with one (1) or more other businesses;(3) that offers eligible individuals one (1) or more chances to win designated prizes; and(4) in which: (A) the sole consideration for a chance to win a designated prize is obtained by:(i) depositing a minimum specified amount of money in a qualified account; or(ii) participating in one (1) or more qualified financial programs; and(B) each entry has an equal chance of being drawn.Added by P.L. 135-2014, SEC. 3, eff. 3/25/2014.