Effective – 28 Aug 2016 408.800. Definitions. — As used in sections 408.800 to 408.815, the following terms shall mean: (1) “American Savings Promotion Act”, Public Law 113-251, enacted by the 113th United States Congress; (2) “Eligible account”, an insured deposit account offered by an eligible financial institution that provides an incentive savings program authorized […]
Effective – 28 Aug 2016 408.805. Savings promotion program authorized, conditions. — Eligible financial institutions may offer and conduct a savings promotion program under the following conditions: (1) The terms and conditions of the savings promotion program shall allow an eligible account to obtain one or more entries to win a specified prize. Eligible accounts […]
Effective – 28 Aug 2016 408.810. Compliance with federal American Savings Promotion Act. — Eligible financial institutions that choose to offer savings promotion programs shall comply with the requirements of the American Savings Promotion Act and the regulations promulgated by the federal prudential regulators of the eligible financial institutions applicable to the savings promotion program. […]
Effective – 28 Aug 2016 408.815. Programs not gambling, gaming, lottery, raffle, or sweepstake. — Savings promotion programs under sections 408.800 to 408.815 shall not constitute gambling, gaming, a lottery, raffle, or sweepstakes as defined by any other statute. ——– (L. 2016 H.B. 2125 § 408.830 merged with S.B. 833 § 408.830)
