Section 17:9A-224.1 - Savings account promotions conducted by banka. A bank or savings bank may conduct a savings promotion provided that the bank or savings bank:(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.Added by L. 2015, c. 236,s. 1, eff. 7/17/2016.