Terms Used In South Carolina Code 34-45-30

  • Financial institution: means a bank, a savings institution, or a credit union authorized to do business in South Carolina under federal or state law. See South Carolina Code 34-45-20
  • Participating financial institution: means a financial institution authorized to do business in South Carolina that is sponsoring a savings promotion contest. See South Carolina Code 34-45-20
  • Savings promotion contest: means a contest or promotion sponsored by a financial institution or a group of financial institutions in which a chance of winning designated prizes is obtained by a depositor when the depositor:

    (a) deposits a specified amount of money or makes a specified number of deposits into the depositor's qualifying account; or

    (b) participates in one or more savings products or programs. See South Carolina Code 34-45-20
A financial institution authorized to do business in South Carolina under federal or state law, subject to the supervision of the appropriate state or federal regulatory agency of the participating financial institution, may conduct a savings promotion contest in accordance with the provisions of this chapter and this title for the purposes of encouraging its depositors to maintain savings accounts and to increase personal savings.
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