Wisconsin Statutes 214.595 – Savings promotion prize programs
Current as of: 2023 | Check for updates
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Terms Used In Wisconsin Statutes 214.595
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- 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
(1) In this section:
(a) “Nonqualifying account” means a deposit account, other than a demand account, that is not a qualifying account.
(b) “Qualifying account” means a deposit account, other than a demand account, through which a savings bank’s depositors may obtain chances to win prizes in a savings promotion.
(c) “Savings promotion” means a contest or promotion to encourage savings deposits that is sponsored by one or more savings banks, or by a banking trade association or its subsidiary in conjunction with one or more savings banks, and in which savings bank depositors are offered a chance to win designated prizes.
(2) A savings bank may sponsor, or participate in, a savings promotion if all of the following requirements are satisfied:
(a) Savings bank depositors are not required to pay any fee or otherwise provide any consideration in order to enter the savings promotion.
(b) All fees charged by a savings bank in connection with a qualifying account are comparable with all fees charged in connection with comparable nonqualifying accounts offered by the savings bank.
(c) Each entry in the savings promotion has an equal chance of winning.
(d) Participants in the savings promotion are not required to be present at a prize drawing in order to win.
(3) For purposes of sub. (2) (a), a depositor’s deposit of at least a specified amount of money for at least a specified time in a qualifying account, which is required in order to enter the savings promotion, is not consideration if the interest rate associated with the qualifying account is not reduced, as compared to comparable nonqualifying accounts offered by the savings bank, to account for the possibility of winning a prize.