§ 17-13-101-1

17:13-101.1 Savings promotion conducted by credit union. 3. a. A credit union may conduct a savings promotion provided that the credit union: (1) conducts the promotion in a manner so as to ensure that each entry has an equal chance of winning the designated prize; (2) fully discloses the terms and conditions of the promotion to each of its account holders; (3) maintains records sufficient to facilitate an audit of the promotion; (4) ensures that only account holders 18 years of age and older are permitted to participate in the promotion; (5) does not require any consideration, other than the requirement that the participant deposit money into a savings account or other savings program to obtain entries in the promotion, to participate in the promotion; and (6) offers an interest rate and charges fees on any qualifying account that are approximately the same as those on a comparable non-qualifying account. b. For the purposes of this section, 'savings promotion' means a raffle in which the sole consideration required for a chance of winning designated prizes is the deposit of a minimum specified amount of money in a savings account or other savings program, and 'credit union'

which the sole consideration required for a chance of winning designated prizes is the deposit of a minimum specified amount of money in a savings account or other savings program, and 'credit union' means credit union as defined in section 2 of P.L.1984, c.171 (C.17:13-80). L.2015, c.236, s.3.