Cal. FIN § 1415
This is the official text of Cal. FIN § 1415, part of California’s Financial Code — regulates banks, credit unions, lenders, and other financial institutions.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
Official statutory text
(a) For purposes of this section, the following definitions apply:
(1) “Nonqualifying account” means a deposit account, other than a demand deposit account, that is not a qualifying account.
(2) “Qualifying account” means a deposit account, other than a demand deposit account, through which a bank’s depositors may obtain chances to win prizes in a savings promotion.
(3) “Savings promotion” means a contest or promotion to encourage savings deposits that is sponsored by one or more banks, or by a banking trade association or its subsidiary in conjunction with one or more banks, and in which bank depositors are offered a chance to win designated prizes.
(b) A bank may sponsor or participate in a savings promotion if all of the following requirements are satisfied:
(1) Bank depositors are not required to pay any fee or otherwise provide any consideration in order to enter the savings promotion.
(2) All material terms of, and fees charged by a bank in connection with, a qualifying account are comparable to those of comparable nonqualifying accounts offered by the bank.
(3) Each entry in the savings promotion has an equal chance of winning.
(4) Participants in the savings promotion are not required to be present at a prize drawing in order to win.
(c) For purposes of this section, a depositor’s deposit of at least a specified amount of money 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 bank, to account for the possibility of winning a prize.
(d) A savings promotion offered by a bank shall not be considered a lottery within the meaning of Section 319 or 319.3 of the Penal Code, or a raffle within the meaning of Section 320.5 of the Penal Code.
(1) “Nonqualifying account” means a deposit account, other than a demand deposit account, that is not a qualifying account.
(2) “Qualifying account” means a deposit account, other than a demand deposit account, through which a bank’s depositors may obtain chances to win prizes in a savings promotion.
(3) “Savings promotion” means a contest or promotion to encourage savings deposits that is sponsored by one or more banks, or by a banking trade association or its subsidiary in conjunction with one or more banks, and in which bank depositors are offered a chance to win designated prizes.
(b) A bank may sponsor or participate in a savings promotion if all of the following requirements are satisfied:
(1) Bank depositors are not required to pay any fee or otherwise provide any consideration in order to enter the savings promotion.
(2) All material terms of, and fees charged by a bank in connection with, a qualifying account are comparable to those of comparable nonqualifying accounts offered by the bank.
(3) Each entry in the savings promotion has an equal chance of winning.
(4) Participants in the savings promotion are not required to be present at a prize drawing in order to win.
(c) For purposes of this section, a depositor’s deposit of at least a specified amount of money 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 bank, to account for the possibility of winning a prize.
(d) A savings promotion offered by a bank shall not be considered a lottery within the meaning of Section 319 or 319.3 of the Penal Code, or a raffle within the meaning of Section 320.5 of the Penal Code.
Status: in_force · Read it on the official government site
Need a lawyer in California?
Find a California lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.