The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise:

“Eligible financial institution.” Any of the following:

“Eligible individual.” An individual who:

“Insured credit union.” As defined in section 101 of the Federal Credit Union Act (48 Stat. 1216, 12 U.S.C. § 1752).

“Insured depository institution.” As defined in section 3 of the Federal Deposit Insurance Act (64 Stat. 873, 12 U.S.C. § 1813).

“Prudential regulator.” As defined in section 1002 of the Consumer Financial Protection Act of 2010 (Public Law 111-203 124 Stat. 1955, 12 U.S.C. § 5481).

“Qualified account.” A savings account, time deposit or savings program offered to an eligible individual by an eligible financial institution pursuant to a savings promotion program. The term includes a share account and an account where the eligible individual has an interest individually or jointly with another eligible individual.

“Qualified financial program.” A program offered by an eligible financial institution under section 5705 (relating to qualified financial program).

“Savings promotion program.” A contest in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a qualified account or other savings program of which each ticket or entry has an equal chance of being drawn.