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Indiana Code Title 28. Financial Institutions § 28-1-23.2-6

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 6.  As used in this chapter, "prize linked savings program" means a contest:

(1) that is associated with one (1) or more qualified accounts or one (1) or more qualified financial programs offered by an eligible depository financial institution to eligible individuals;

(2) that is conducted by an eligible depository financial institution, alone or together with one (1) or more other businesses;

(3) that offers eligible individuals one (1) or more chances to win designated prizes;  and

(4) in which:

(A) the sole consideration for a chance to win a designated prize is obtained by:

(i) depositing a minimum specified amount of money in a qualified account;  or

(ii) participating in one (1) or more qualified financial programs;  and

(B) each entry has an equal chance of being drawn.

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Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-1-23.2-6 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-1-23-2-6/

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