5 Del. C. § 933
This is the official text of 5 Del. C. § 933, part of Delaware’s Del. C — part of the compiled statutory law of Delaware, published by the state as "Del. C." Browse the sections below, each linked to its official government source.
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§ Â 933. Prize linked savings programs.
Official statutory text
(a) For purposes of this section “savings promotion raffle” means a raffle conducted by a bank or credit union doing business in Delaware where the sole action required for a chance of winning designated prizes is the deposit of a minimum specified amount of money in a savings account or other savings program.
(b) Any bank or credit union doing business in this State may conduct a savings promotion raffle provided that the bank or credit union:
(1) Conducts the savings promotion raffle in a manner that ensures that each entry has an equal chance of winning the designated prize;
(2) Fully discloses the terms and conditions of the savings promotion raffle to each of its account holders;
(3) Offers an interest rate that is commensurate with the interest rate the bank or credit union offers on comparable savings accounts or savings programs that are not subject to a savings promotion raffle; and
(4) Maintains records sufficient to facilitate an audit of such savings promotion raffle.
(c) A savings promotion raffle is not a lottery for purposes of Chapter 48 of Title 29.
(b) Any bank or credit union doing business in this State may conduct a savings promotion raffle provided that the bank or credit union:
(1) Conducts the savings promotion raffle in a manner that ensures that each entry has an equal chance of winning the designated prize;
(2) Fully discloses the terms and conditions of the savings promotion raffle to each of its account holders;
(3) Offers an interest rate that is commensurate with the interest rate the bank or credit union offers on comparable savings accounts or savings programs that are not subject to a savings promotion raffle; and
(4) Maintains records sufficient to facilitate an audit of such savings promotion raffle.
(c) A savings promotion raffle is not a lottery for purposes of Chapter 48 of Title 29.
Status: in_force · Read it on the official government site
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