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Code · Pennsylvania · Title 12 — COMMERCE AND TRADE · Chapter 57

§ 5703. Savings promotion program.

268 words·~1 min read·/pa/title-12/chapter-57/5703

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§ 5703. Savings promotion program.
(a)Authorization.-- Notwithstanding any prohibitions on lotteries or gambling provided by the laws of this Commonwealth, including 18 Pa.C.S. §§ 5512 (relating to lotteries, etc.), 5513 (relating to gambling devices, gambling, etc.) and 5514 (relating to pool selling and bookmaking), an eligible financial institution may conduct a savings promotion program and any activity conducted in connection with the savings promotion program, including, but not limited to:
(1)the deposit of a minimum specified amount of money in a qualified account for a minimum length of time;
(2)the participation in a qualified financial program offered by the eligible financial institution;
(3)the transmission of any advertisement, list of prizes or other information concerning the savings promotion program;
(4)the offering, facilitation and acceptance of deposits, withdrawals or other transactions in connection with the savings promotion program;
(5)the transmission of any information relating to the savings promotion program, including account balance and transaction information;
(6)the deposit or transmission of prizes awarded in the savings promotion program as well as notification or publication of the deposit or transmission; and
(7)the establishment and operation of qualified financial programs.
(b)Limitation.-- An eligible financial institution may not conduct a savings promotion program in a way that jeopardizes the eligible financial institution's safety and soundness or misleads an eligible individual or the public.
(c)Third-party participants.-- An eligible financial institution may offer a savings promotion program in conjunction with a third-party participant that provides administrative support, funding or other service.
12c5703v
Cross References. Section 5703 is referred to in section 5705 of this title.
12c5704s
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