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§ 5706. Terms and conditions

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. § 5706
§ 5706. Terms and conditions
(a) Disclosure.--An eligible financial institution conducting a savings promotion program shall disclose to the public and each participant the terms and conditions of the savings promotion program. The terms and conditions shall be posted in a location where entries may be submitted and shall be included in printed materials or electronic media promoting the savings promotion program.
(b) Content.--Terms and conditions for a savings promotion program shall include language specifying that:
(1) No other action, purchase or other consideration is necessary for an entry in the savings promotion program.
(2) No action or purchase of goods or services improves the odds of winning.
(3) Each entry has the same odds of winning the savings promotion program.
(4) The odds of winning the savings promotion program will be determined based on the number of entries received.
(5) The winner is responsible for all applicable Federal, State and local taxes.
(6) Participation in a qualified financial program is offered to any qualified individual participating in the savings promotion program.
(7) Participation in a savings promotion program presents no financial risk to an eligible individual.

Credits

2022, July 11, P.L. 691, No. 56, § 2, effective in 60 days [Sept. 9, 2022].
12 Pa.C.S.A. § 5706, PA ST 12 Pa.C.S.A. § 5706
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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