Section 5706 – Terms and conditions
§ 5706. Terms and conditions. (a) Disclosure.–An eligible financial institution conducting a savings promotion program shall disclose to the public and each participant the terms and conditions of the savings promotion program. The terms and conditions shall be posted in a location where entries may be submitted and shall be included in printed materials or […]
Section 5707 – Maintenance of books and records
§ 5707. Maintenance of books and records. An eligible financial institution that conducts a savings promotion program under this chapter shall maintain books and records relating to the conduct of the savings promotion program sufficient to facilitate an audit of the savings promotion program. The financial institution shall keep a record of the names of […]
Section 5701 – Legislative intent
§ 5701. Legislative intent. The intent of this chapter is to authorize and provide a regulatory framework for financial institutions to conduct savings promotion programs to encourage robust saving habits and improve financial literacy.
Section 5703 – Savings promotion program
§ 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 […]
Section 5704 – Compliance with Federal regulations
§ 5704. Compliance with Federal regulations. An eligible financial institution may offer a savings promotion program only to the extent permitted by Federal law, including any regulations promulgated by the institution’s appropriate prudential regulator.
Section 5705 – Qualified financial program
§ 5705. Qualified financial program. A qualified financial program offered under section 5703(a)(2) (relating to savings promotion program) must include programs to encourage an eligible individual to do at least one of the following: (1) Deposit or transfer money into a qualified account on a recurring or automatic basis. (2) Refinance or consolidate existing debt […]