12 Pa. C.S. § 5702

Current through Pa Acts 2024-53, 2024-56 through 2024-111

Section 5702 - Definitions

The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise:

"Eligible financial institution." Any of the following:

(1) An insured credit union; or

(2) An insured depository institution.

"Eligible individual." An individual who:

(1) Is at least 18 years of age;

(2) Is a member or customer of the eligible financial institution conducting the savings promotion program; and

(3) Maintains a qualified account with the eligible financial institution conducting the savings promotion program.

"Insured credit union." As defined in section 101 of the Federal Credit Union Act (48 Stat. 1216, 12 U.S.C. § 1752 ).

"Insured depository institution." As defined in section 3 of the Federal Deposit Insurance Act (64 Stat. 873, 12 U.S.C. § 1813 ).

"Prudential regulator." As defined in section 1002 of the Consumer Financial Protection Act of 2010 ( Public Law 111-203 124 Stat. 1955, 12 U.S.C. § 5481 ).

"Qualified account." A savings account, time deposit or savings program offered to an eligible individual by an eligible financial institution pursuant to a savings promotion program. The term includes a share account and an account where the eligible individual has an interest individually or jointly with another eligible individual.

"Qualified financial program." A program offered by an eligible financial institution under section 5705 (relating to qualified financial program).

"Savings promotion program." A contest in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a qualified account or other savings program of which each ticket or entry has an equal chance of being drawn.

12 Pa.C.S. § 5702

Added by P.L. TBD 2022 No. 56, § 2, eff. 9/9/2022.