South Carolina Statutes
§ 34-45-10 — Legislative findings.
The South Carolina General Assembly finds that:
(1)Savings promotion contests encourage people to save money by adding a feature to personal savings accounts that include a chance to win prizes.
(2)Savings promotion contests are not lotteries, because they do not require individuals to pay consideration for a chance to win a prize, and the individual maintains ownership of the money that is deposited into a savings or other qualifying account.
(3)The prizes are funded through the interest that accrues across the pool of savings accounts participating in a savings promotion contest.
(4)Federal law allows both depository financial institutions and credit unions to hold savings promotion contests, subject to certain conditions and authorization under state law.
(5)Savings promotion conte
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South Carolina § 34-45-10 (Legislative findings.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2016 Act No. 203 (S.652), SECTION 1, eff June 3, 2016.
Nearby Sections
6
§ 34-45-10
Legislative findings.§ 34-45-20
Definitions.§ 34-45-30
Savings promotion contests authorized.§ 34-45-50
Cease and desist orders.