New Jersey Revised Statutes § 17:9a-224.1 - Savings Account Promotions Conducted By Bank.

17:9A-224.1 Savings account promotions conducted by bank.
1. a. A bank or savings bank may conduct a savings promotion provided that the bank or savings bank:

(1)conducts the promotion in a manner so as to ensure that each entry has an equal chance of winning the designated prize;

(2)fully discloses the terms and conditions of the promotion to each of its account holders;

(3)maintains records sufficient to facilitate an audit of the promotion;

(4)ensures that only account holders 18 years of age and older are permitted to participate in the promotion;

(5)does not require any consideration, other than the requirement that the participant deposit money into a savings account or other savings program to obtain entries in the promotion, to participate in the promotion; and

(6)offers an interest rate and charges fees on any qualifying account that are approximately the same as those on a comparable non-qualifying account.

b.For the purposes of this section, "savings promotion" means a raffle in which the sole consideration required for a chance of winning designated prizes is the deposit of a minimum specified amount of money in a savings account or other savings program.

L.2015, c.236, s.1.

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Last modified: October 11, 2016