§ 28-1-23.2-8 — Statement describing the terms and conditions of prize linked savings programs

Indiana § 28-1-23.2-8

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

Text

(a) An eligible depository financial
institution that offers a prize linked savings program under this chapter
shall:
(1) post in any location where entries may be submitted; and
(2) disclose in any:
(A) printed materials; or
(B) electronic media;
promoting the prize linked savings program;
a statement describing the terms and conditions of the prize linked
savings program.
(b) The statement required under subsection (a) must include
language specifying the following:
(1) That, except for:
(A) making a deposit described in section 7(a)(1)(A) of this
chapter; or
(B) participating in one (1) or more qualified financial
programs, as described in section 7(a)(1)(B) of this chapter;
no other action, and no purchase or other consideration, is
necessary for an entry into the prize linked savings program.
(2) That, except for:
(A) making a deposit described in section 7(a)(1)(A) of this
chapter; or
(B) participating in one (1) or more qualified financial
programs, as described in section 7(a)(1)(B) of this chapter;
taking any other action, or purchasing any goods or services, will
not improve the odds of winning.
(3) That the odds of winning are determined based on the number
of entries received.

Legislative History

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