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§ 5703. Savings promotion program

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 12 Pa.C.S.A. Commerce and TradeEffective: September 9, 2022

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 12 Pa.C.S.A. Commerce and Trade (Refs & Annos)
Part IV. Commercial Protection (Refs & Annos)
Chapter 57. Incentive-Based Savings Program
Effective: September 9, 2022
12 Pa.C.S.A. § 5703
§ 5703. Savings promotion program
(a) Authorization.--Notwithstanding any prohibitions on lotteries or gambling provided by the laws of this Commonwealth, including 18 Pa.C.S. §§ 5512 (relating to lotteries, etc.), 5513 (relating to gambling devices, gambling, etc.) and 5514 (relating to pool selling and bookmaking), an eligible financial institution may conduct a savings promotion program and any activity conducted in connection with the savings promotion program, including, but not limited to:
(1) the deposit of a minimum specified amount of money in a qualified account for a minimum length of time;
(2) the participation in a qualified financial program offered by the eligible financial institution;
(3) the transmission of any advertisement, list of prizes or other information concerning the savings promotion program;
(4) the offering, facilitation and acceptance of deposits, withdrawals or other transactions in connection with the savings promotion program;
(5) the transmission of any information relating to the savings promotion program, including account balance and transaction information;
(6) the deposit or transmission of prizes awarded in the savings promotion program as well as notification or publication of the deposit or transmission; and
(7) the establishment and operation of qualified financial programs.
(b) Limitation.--An eligible financial institution may not conduct a savings promotion program in a way that jeopardizes the eligible financial institution's safety and soundness or misleads an eligible individual or the public.
(c) Third-party participants.--An eligible financial institution may offer a savings promotion program in conjunction with a third-party participant that provides administrative support, funding or other service.

Credits

2022, July 11, P.L. 691, No. 56, § 2, effective in 60 days [Sept. 9, 2022].
12 Pa.C.S.A. § 5703, PA ST 12 Pa.C.S.A. § 5703
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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