Code of Alabama - Title 5: Banks and Financial Institutions - Section 5-27-5 - (Effective January 1, 2018) Construction; limitation on prizes or awards

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 Section 65 of the Constitution of Alabama of 1901. No prize or award shall exceed twelve thousand five hundred dollars ($12,500).

(Act 2017-406, §5.)

Last modified: May 3, 2021