Indiana Code 28-1-23.2-8. Statement describing the terms and conditions of prize linked savings programs
(1) post in any location where entries may be submitted; and
Terms Used In Indiana Code 28-1-23.2-8
- 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
- prize linked savings program: means a contest:
Indiana Code 28-1-23.2-6
(A) printed materials; or
(B) electronic media;
promoting the prize linked savings program;
a statement describing the terms and conditions of the prize linked savings program.
(b) The statement required under subsection (a) must include language specifying the following:
(1) That, except for:
(A) making a deposit described in section 7(a)(1)(A) of this chapter; or
(B) participating in one (1) or more qualified financial programs, as described in section 7(a)(1)(B) of this chapter;
no other action, and no purchase or other consideration, is necessary for an entry into the prize linked savings program.
(2) That, except for:
(A) making a deposit described in section 7(a)(1)(A) of this chapter; or
(B) participating in one (1) or more qualified financial programs, as described in section 7(a)(1)(B) of this chapter;
taking any other action, or purchasing any goods or services, will not improve the odds of winning.
(3) That the odds of winning are determined based on the number of entries received.
As added by P.L.135-2014, SEC.3.