28-1-23.2-1. “Director”
Sec. 1. As used in this chapter, “director” refers to the director of the department of financial institutions. As added by P.L.135-2014, SEC.3.
28-1-23.2-2. “Eligible Depository Financial Institution”
Sec. 2. As used in this chapter, “eligible depository financial institution” means a credit union that is organized or reorganized under Indiana law with the express power to receive and accept deposits of money subject to withdrawal by any of the methods set forth in IC 28-1-23-16. As added by P.L.135-2014, SEC.3.
28-1-23.2-3. “Eligible Individual”
Sec. 3. As used in this chapter, “eligible individual”, with respect to a prize linked savings program, means an individual who: (1) is at least eighteen (18) years of age; (2) is a member of the eligible depository financial institution conducting the prize linked savings program; and (3) maintains a qualified account with the eligible […]
28-1-23.2-4. “Qualified Account”
Sec. 4. (a) As used in this chapter, “qualified account”, for purposes of a prize linked savings program, means: (1) a savings account; (2) a time deposit; or (3) a savings program; that is offered by an eligible depository financial institution to an eligible individual. (b) The term includes: (1) an account described in subsection […]
28-1-23.2-5. “Qualified Financial Program”
Sec. 5. (a) As used in this chapter, “qualified financial program”, for purposes of a prize linked savings program, means any savings, debt reduction, or financial education program or product that an eligible depository financial institution offers to eligible individuals for the purpose of: (1) educating eligible individuals in the concepts of thrift; (2) encouraging […]
28-1-23.2-6. “Prize Linked Savings Program”
Sec. 6. As used in this chapter, “prize linked savings program” means a contest: (1) that is associated with one (1) or more qualified accounts or one (1) or more qualified financial programs offered by an eligible depository financial institution to eligible individuals; (2) that is conducted by an eligible depository financial institution, alone or […]
28-1-23.2-7. Required Conditions to Offer and Conduct a Prize Linked Savings Program
Sec. 7. (a) Subject to subsections (b) and (c) and section 8 of this chapter, and subject to any rules, policies, or guidance adopted by the director under section 9 of this chapter, an eligible depository financial institution may offer and conduct a prize linked savings program if the following conditions are met: (1) The […]
28-1-23.2-8. Statement Describing the Terms and Conditions of Prize Linked Savings Programs
Sec. 8. (a) An eligible depository financial institution that offers a prize linked savings program under this chapter shall: (1) post in any location where entries may be submitted; and (2) disclose in any: (A) printed materials; or (B) electronic media; promoting the prize linked savings program; a statement describing the terms and conditions of […]
28-1-23.2-9. Director Actions
Sec. 9. The director may do any of the following: (1) Prescribe the form or manner in which an eligible depository financial institution may seek approval from the department to offer a prize linked savings program to eligible individuals. (2) Adopt rules, policies, or guidance concerning the conduct of prize linked savings programs in Indiana. […]