Code of Alabama - Title 5: Banks and Financial Institutions - Chapter 27 - Savings Promotion Contest

• Section 5-27-1 (Effective January 1, 2018) Legislative findings
  The Legislature finds and declares the following: (1) Federal law allows both depository financial institutions and credit unions to hold savings promotion contests, subject to...
• Section 5-27-2 (Effective January 1, 2018) Definitions
  When used in this chapter, the following words and phrases shall have the following meanings: (1) APPROPRIATE STATE OR FEDERAL REGULATORY AGENCY. The state or...
• Section 5-27-3 (Effective January 1, 2018) Savings promotion contest authorized; conditions
  (a) Subject to supervision by the appropriate federal or state regulatory agency, a financial institution may conduct a savings promotion contest in accordance with this...
• Section 5-27-4 (Effective January 1, 2018) Oversight
  Each savings promotion contest is subject to oversight by the federal or state agency responsible for regulating the financial institution, and the regulatory agency may...
• Section 5-27-5 (Effective January 1, 2018) Construction; limitation on prizes or awards
  A savings promotion contest offered pursuant to this chapter does not constitute gambling or the promotion of gambling or a lottery or raffle pursuant to...

Last modified: May 3, 2021