17:13-101.1 Savings promotion conducted by credit union.
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/nj/title-17/chapter-13/17-13-101-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
3. a. A credit union may conduct a savings promotion provided that the credit union:
(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, and "credit union" means credit union as defined in section 2 of P.L.1984, c.171 (C.17:13-80).
L.2015, c.236, s.3.