(b) This article does not apply to a prize linked savings program that:(1) is offered or conducted by an eligible financial institution under IC 28-1-23.2;(2) is:(A) offered or conducted by a credit union organized or reorganized under United States law; and(B) conducted in the same manner as a prize linked savings program under IC 28-1-23.2; or(3) is:(A) offered or conducted by an insured depository institution (as defined in 12 U.S.C. 1813) that is:(i) a national bank formed under 12 U.S.C. 21;(ii) a state member bank (as defined in 12 U.S.C. 1813);(iii) a state nonmember bank (as defined in 12 U.S.C. 1813); or(iv) a savings association (as defined in 12 U.S.C. 1813); and(B) conducted in the same manner as a prize linked savings program under IC 28-1-23.2.As added by P.L.233-1989, SEC.1. Amended by P.L.135-2014, SEC.2; P.L.186-2015, SEC.28.
Indiana Legal Code