{"data":{"id":"us-hi/haw.-rev.-stat.-412-4-113","jurisdiction":"us-hi","citation":"Haw. Rev. Stat. § 412:4-113","heading":"[ §412:4-113] Savings promotion or prize-linked savings contest.","body":"[ §412:4-113] Savings promotion or prize-linked savings contest. (a) Any financial institution that is a depository institution may conduct a savings promotion or prize-linked savings contest if the depository institution:\n\n(1) Conducts the savings promotion contest in a manner that ensures that each entry has a chance of winning the designated prize based on the number of entries;\n\n(2) Requires the deposit of a minimum specified amount of money in a savings account or other savings promotion or prize-linked savings contest program to qualify for a chance to win the designated prizes;\n\n(3) Offers an interest rate that is commensurate with the interest rate that the depository institution offers on comparable savings accounts or savings promotion or prize-linked savings programs that are not subject to a savings promotion or prize-linked savings contest;\n\n(4) Fully discloses the terms and conditions of the savings promotion or prize-linked savings contest to each of its account holders; and\n\n(5) Maintains records sufficient to facilitate an audit of the savings promotion or prize-linked savings contest.\n\n(b) Deposits made by a consumer into a savings account or other savings program shall remain under the ownership of the consumer.\n\n(c) A financial institution that offers a savings promotion or prize-linked savings contest shall comply with the requirements of the American Savings Promotion Act, Public Law 113-251, and the regulations promulgated by the federal prudential regulators of the financial institutions applicable to the savings promotion or prize-linked savings contest program.\n\n(d) For the purposes of this section, \"financial institution\" shall have the same meaning as in section 412:1-109.","path":["Hawaii Code","Division 2","Title 22","Chapter 412"],"source_url":"http://www.capitol.hawaii.gov/hrscurrent/Vol08_Ch0401-0429/HRS0412/HRS_0412-0004-0113.htm","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:11Z","sha256":"84662a90014eca2fb36c0df1dad88ab118bc8b131d4e93eeecdfb7e2363fc1a9","source_id":"us-hi","stale":false,"prev":"us-hi/haw.-rev.-stat.-412-4-112","next":"us-hi/haw.-rev.-stat.-412-5-101"},"notice":"GroundRules: Original legal text. Not legal advice."}