Terms Used In South Carolina Code 34-45-60

  • 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 savings promotion contest offered in accordance with this chapter is not nor does it promote unlawful gambling or an unlawful lottery or raffle.
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