Home Table of Contents

§ 5702. Definitions

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. § 5702
§ 5702. Definitions
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:
(1) an insured credit union; or
(2) an insured depository institution.
“Eligible individual.” An individual who:
(1) is at least 18 years of age;
(2) is a member or customer of the eligible financial institution conducting the savings promotion program; and
(3) maintains a qualified account with the eligible financial institution conducting the savings promotion program.
“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.


2022, July 11, P.L. 691, No. 56, § 2, effective in 60 days [Sept. 9, 2022].
12 Pa.C.S.A. § 5702, PA ST 12 Pa.C.S.A. § 5702
Current through 2023 Regular Session Act 7. Some statute sections may be more current, see credits for details.
End of Document