Section 28-1-23.2-8 - Statement describing the terms and conditions of prize linked savings programs(a) An eligible depository financial institution that offers a prize linked savings program under this chapter shall:(1) post in any location where entries may be submitted; and(2) disclose in any: (A) printed materials; or(B) electronic media; promoting the prize linked savings program;
a statement describing the terms and conditions of the prize linked savings program.
(b) The statement required under subsection (a) must include language specifying the following: (1) That, except for: (A) making a deposit described in section 7(a)(1)(A) of this chapter; or(B) participating in one (1) or more qualified financial programs, as described in section 7(a)(1)(B) of this chapter; no other action, and no purchase or other consideration, is necessary for an entry into the prize linked savings program.
(2) That, except for: (A) making a deposit described in section 7(a)(1)(A) of this chapter; or(B) participating in one (1) or more qualified financial programs, as described in section 7(a)(1)(B) of this chapter; taking any other action, or purchasing any goods or services, will not improve the odds of winning.
(3) That the odds of winning are determined based on the number of entries received.Added by P.L. 135-2014, SEC. 3, eff. 3/25/2014.