New Jersey § 17:13-101 1  Savings promotion conducted by credit union.

New Jersey Statutes

§ 17:13-101 — 1 Savings promotion conducted by credit union.

New Jersey § 17:13-101

Title 17CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

This text of New Jersey § 17:13-101 (1 Savings promotion conducted by credit union.) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.J. Stat. Ann. § 17:13-101 (2026).

Text

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 approxima

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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.