Indiana Code 28-1-23.2-6. “Prize linked savings program”
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Sec. 6. As used in this chapter, “prize linked savings program” means a contest:
(2) that is conducted by an eligible depository financial institution, alone or together with one (1) or more other businesses;
(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;
Terms Used In Indiana Code 28-1-23.2-6
- eligible depository financial institution: means a credit union that is organized or reorganized under Indiana law with the express power to receive and accept deposits of money subject to withdrawal by any of the methods set forth in IC 28-1-23-16. See Indiana Code 28-1-23.2-2
(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.
As added by P.L.135-2014, SEC.3.