Delaware § 933 Prize linked savings programs

Delaware Statutes

§ 933 — Prize linked savings programs

Delaware § 933

JurisdictionDelaware

Title5

PartBanks and Trust Companies

Ch. 9REGULATIONS GOVERNING BUSINESS OF BANKS AND TRUST COMPANIES

Subch.General Provisions

This text of Delaware § 933 (Prize linked savings programs) is published on Counsel Stack Legal Research, covering Delaware primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Del. Code tit. 5, § 933 (2026).

Text

(a)For purposes of this section “savings promotion raffle” means a raffle conducted by a bank or credit union doing business in Delaware where the sole action 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.

(b)Any bank or credit union doing business in this State may conduct a savings promotion raffle provided that the bank or credit union:

(1)Conducts the savings promotion raffle in a manner that ensures that each entry has an equal chance of winning the designated prize;

(2)Fully discloses the terms and conditions of the savings promotion raffle to each of its account holders;

(3)Offers an interest rate that is commensurate with the interest rate the bank or credit union offer

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(a) For purposes of this section “savings promotion raffle” means a raffle conducted by a bank or credit union doing business in Delaware where the sole action 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.

(b) Any bank or credit union doing business in this State may conduct a savings promotion raffle provided that the bank or credit union:

(1) Conducts the savings promotion raffle in a manner that ensures that each entry has an equal chance of winning the designated prize;

(2) Fully discloses the terms and conditions of the savings promotion raffle to each of its account holders;

(3) Offers an interest rate that is commensurate with the interest rate the bank or credit union offers on comparable savings accounts or savings programs that are not subject to a savings promotion raffle; and

(4) Maintains records sufficient to facilitate an audit of such savings promotion raffle.

(c) A savings promotion raffle is not a lottery for purposes of Chapter 48 of Title 29.