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Hawaii Revised Statutes Division 2. Business § 412:4-113

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) Any financial institution that is a depository institution may conduct a savings promotion or prize-linked savings contest if the depository institution:

(1) Conducts the savings promotion contest in a manner that ensures that each entry has a chance of winning the designated prize based on the number of entries;

(2) Requires the deposit of a minimum specified amount of money in a savings account or other savings promotion or prize-linked savings contest program to qualify for a chance to win the designated prizes;

(3) Offers an interest rate that is commensurate with the interest rate that the depository institution offers on comparable savings accounts or savings promotion or prize-linked savings programs that are not subject to a savings promotion or prize-linked savings contest;

(4) Fully discloses the terms and conditions of the savings promotion or prize-linked savings contest to each of its account holders; and

(5) Maintains records sufficient to facilitate an audit of the savings promotion or prize-linked savings contest.

(b) Deposits made by a consumer into a savings account or other savings program shall remain under the ownership of the consumer.

(c) A financial institution that offers a savings promotion or prize-linked savings contest shall comply with the requirements of the American Savings Promotion Act, Public Law 113-251, and the regulations promulgated by the federal prudential regulators of the financial institutions applicable to the savings promotion or prize-linked savings contest program.

(d) For the purposes of this section, “financial institution” shall have the same meaning as in section 412:1-109.

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Cite this article: FindLaw.com - Hawaii Revised Statutes Division 2. Business § 412:4-113 - last updated January 01, 2025 | https://codes.findlaw.com/hi/division-2-business/hi-rev-st-sect-412-4-113/

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