§ 5706 — Terms and conditions

Pennsylvania § 5706

• Jurisdiction: Pennsylvania
• Title 12: COMMERCE AND TRADE
• Part: PART IV
• Ch. 57: INCENTIVE-BASED SAVINGS PROGRAM

Text

(a) Disclosure.--An eligible financial institution conducting a savings promotion program shall disclose to the public and each participant the terms and conditions of the savings promotion program. The terms and conditions shall be posted in a location where entries may be submitted and shall be included in printed materials or electronic media promoting the savings promotion program.

(b) Content.--Terms and conditions for a savings promotion program shall include language specifying that:

(1) No other action, purchase or other consideration is necessary for an entry in the savings promotion program.

(2) No action or purchase of goods or services improves the odds of winning.

(3) Each entry has the same odds of winning the savings promotion program.

(4) The odds of winning the savings promotion program will be determined based on the number of entries received.

(5) The winner is responsible for all applicable Federal, State and local taxes.

(6) Participation in a qualified financial program is offered to any qualified individual participating in the savings promotion program.

(7) Participation in a savings promotion program presents no financial risk to an eligible individual.