Rutgers Law

New Jersey Statutes, Title: 17, CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

    Chapter 13: Repeal

      Section: 17:13-101.1: Savings promotion conducted by credit union.

          3. a. 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).

L.2015, c.236, s.3.

This section added to the Rutgers Database: 2016-02-03 09:10:28.

Older versions of 17:13-101.1 (if available):

Court decisions that cite this statute: CLICK HERE.