{"data":{"id":"us-nj/n.j.-stat.-17-9a-224.1","jurisdiction":"us-nj","citation":"N.J. Stat. § 17:9A-224.1","heading":"Savings account promotions conducted by bank.","body":"1. a. A bank or savings bank may conduct a savings promotion provided that the bank or savings bank:\n(1)\tconducts the promotion in a manner so as to ensure that each entry has an equal chance of winning the designated prize;\n(2)\tfully discloses the terms and conditions of the promotion to each of its account holders;\n(3)\tmaintains records sufficient to facilitate an audit of the promotion;\n(4)\tensures that only account holders 18 years of age and older are permitted to participate in the promotion;\n(5)\tdoes not require any consideration, other than the requirement that the participant deposit money into a savings account or other savings program to obtain entries in the promotion, to participate in the promotion; and\n(6)\toffers an interest rate and charges fees on any qualifying account that are approximately the same as those on a comparable non-qualifying account.\nb.\tFor the purposes of this section, \"savings promotion\" means a raffle in which the sole consideration 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.\nL.2015, c.236, s.1.","path":["TITLE 17 CORPORATIONS AND INSTITUTIONS FOR FINANCE \t\t\tAND INSURANCE"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"f7a12dd250b476d374a875caca4e25168fee8ac74f12b61a5d1f52f917480e59","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-17-9a-224","next":"us-nj/n.j.-stat.-17-9a-229.6"},"notice":"GroundRules: Original legal text. Not legal advice."}