N.J.S.A. 17:9A-224.1 — Savings account promotions conducted by bank.

17:9A-224.1 Savings account promotions conducted by bank. 1. a. A bank or savings bank may conduct a savings promotion provided that the bank or savings bank: (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. L.2015, c.236, s.1.

This is the verbatim text of N.J.S.A. 17:9A-224.1, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.