§ 28-1-23.2-7 — Required conditions to offer and conduct a prize linked savings program

Indiana § 28-1-23.2-7

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 23.2: Prize Linked Savings Programs

Text

(a) Subject to subsections (b) and (c) and
section 8 of this chapter, and subject to any rules, policies, or guidance
adopted by the director under section 9 of this chapter, an eligible
depository financial institution may offer and conduct a prize linked
savings program if the following conditions are met:
(1) The terms and conditions of the prize linked savings program
must allow an eligible individual to obtain one (1) or more entries
to win a specified prize. Subject to any limits that the eligible
depository financial institution may place on the number of
entries that an eligible individual is permitted to obtain for any
given prize linked savings program, as set forth in the terms and
conditions of the prize linked savings program, the eligible
depository financial institution must allow an eligible individual
to obtain an entry for a prize linked savings program only by
doing either or both of the following:
(A) Depositing a minimum specified amount of money in a
qualified account in accordance with the terms and conditions
of the prize linked savings program.
(B) Participating in one (1) or more qualified financial
programs in accordance with the terms and conditions of the
prize linked savings program.
(2) Each entry in the prize linked savings program must have an
equal chance of being drawn.
(3) The prize linked savings program must be approved by:
(A) the director; and
(B) the eligible depository financial institution's board of
directors;
before it is offered or promoted to eligible individuals by the
eligible depository financial institution.
(b) An eligible depository financial institution may not conduct a
prize linked savings program if the prize linked savings program will:
(1) harm the eligible depository financial institution's ability to
operate in a safe and sound manner; or
(2) mislead eligible individuals or the public.
(c) An eligible depository financial institution that conducts a prize
linked savings program under this chapter shall maintain books and
records relating to the conduct of the prize linked savings program in
the manner and for the length of time that the director may prescribe in
rules, policies, or guidance adopted under section 9 of this chapter.

Legislative History

As added by P.L.135-2014, SEC.3.