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New Jersey Statutes, Title: 17, CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Chapter 12b: Construction as revision of prior laws
Section: 17:12b-112.1: Savings promotion conducted by savings and loan association.
2. a. A State savings and loan association may conduct a savings promotion provided that the association:
(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.
L.2015, c.236, s.2.
This section added to the Rutgers Database: 2016-02-03 09:10:26.
Older versions of 17:12b-112.1 (if available):
Court decisions that cite this statute:
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