Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:
(a)
holds or receives deposits, savings, or share accounts;
(b)
issues certificates of deposit; or
(c)
provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103
Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
Savings account: means a deposit or other account at a depository institution that is not a transaction account. See Utah Code 7-1-103
(a)
“Prize period” means a period of time, designated by a depository institution, during which a qualifying account holder may submit an entry into the depository institution‘s savings promotion program for a chance to win a prize designated as the prize for that period.
(b)
“Qualifying account” means a savings account that qualifies the savings account holder for an entry into the saving account’s depository institution’s savings promotion program each time the holder of the savings account:
(i)
deposits a minimum amount of money specified by the depository institution into the savings account; and
(ii)
leaves the minimum deposit in the savings account for no less than an amount of time specified by the depository institution.
(c)
“Qualifying account holder” means a person who holds a qualifying account.
(d)
“Savings promotion program” means a contest:
(i)
that a depository institution conducts to encourage savings deposits; and
(ii)
in which a qualifying account holder is offered a chance to win a designated prize for each entry submitted in association with the qualifying account holder’s qualifying account.
(2)
A depository institution may conduct a savings promotion program if:
(a)
no qualifying account holder is required to:
(i)
pay a fee or otherwise provide any consideration to submit an entry in the savings promotion program; or
(ii)
be present at a prize drawing in order to win;
(b)
any fee charged by a depository institution in connection with a qualifying account is comparable with a fee charged in connection with a comparable nonqualifying account the depository institution offers;
(c)
any interest rate a depository institution associates with a qualifying account is comparable to an interest rate associated with a comparable nonqualifying account the depository institution offers;
(d)
each entry in the savings promotion program during a single prize period has an equal chance of winning; and
(e)
the depository institution:
(i)
conducts the savings promotion program in a manner that does not:
(A)
jeopardize the depository institution’s ability to operate in a safe and sound manner; or
(B)
mislead the depository institution’s account holders; and
(ii)
fully discloses the terms and conditions of the savings promotion program to each of the depository institution’s account holders.
require a depository institution that conducts a savings promotion program to maintain all records the commissioner determines necessary for the administration and enforcement of this section; or
(b)
ensure that a depository institution conducts a savings promotion program in accordance with this section.
