consideration required for a chance to win a designated prize is
one or both of the following:
(1) The deposit of a minimum specified amount of money
in a qualified account for a minimum length of time.
(2) Participation in a qualified financial program
offered by the eligible financial institution.
(b) Requirements.--The following shall apply to a savings
promotion raffle:
(1) Each entry must have an equal chance of being drawn.
(2) An eligible financial institution may limit the
number of entries issued to an eligible individual.
(3) An eligible financial institution may not conduct a
savings promotion raffle in a way that jeopardizes the
eligible financial institution's safety and soundness or
misleads an eligible individual or the public.
(c) Third-party participants.--An eligible financial
institution may offer a savings promotion raffle in conjunction
with a third-party participant that provides administrative
support, funding or other service.
Section 5. Participation by federally regulated institutions.
An eligible financial institution which is regulated by
Federal law may offer a savings promotion raffle only to the
extent permitted by Federal law.
Section 6. Qualified financial program.
A qualified financial program offered under section 4 (a)(2)
must include programs to encourage an eligible individual to do
at least one of the following:
(1) Deposit or transfer money into a qualified account
on a recurring or automatic basis.
(2) Refinance or consolidate existing debt to obtain a
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