Section 17:13-101.1 - Savings promotion conducted by credit uniona. A credit union may conduct a savings promotion provided that the credit union: (1) conducts the promotion in a manner so as to ensure that each entry has an equal chance of winning the designated prize;(2) fully discloses the terms and conditions of the promotion to each of its account holders;(3) maintains records sufficient to facilitate an audit of the promotion;(4) ensures that only account holders 18 years of age and older are permitted to participate in the promotion;(5) does not require any consideration, other than the requirement that the participant deposit money into a savings account or other savings program to obtain entries in the promotion, to participate in the promotion; and(6) offers an interest rate and charges fees on any qualifying account that are approximately the same as those on a comparable non-qualifying account.b. For the purposes of this section, "savings promotion" means a raffle in which the sole consideration required for a chance of winning designated prizes is the deposit of a minimum specified amount of money in a savings account or other savings program, and "credit union" means credit union as defined in section 2 of P.L. 1984, c.171 (C.17:13-80).Added by L. 2015, c. 236,s. 3, eff. 7/17/2016.