{"data":{"id":"us-pa/12-pa.c.s.-5702","jurisdiction":"us-pa","citation":"12 Pa.C.S. § 5702","heading":"Definitions.","body":"The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise:\n\"Eligible financial institution.\" Any of the following:\n(1) an insured credit union; or\n(2) an insured depository institution.\n\"Eligible individual.\" An individual who:\n(1) is at least 18 years of age;\n(2) is a member or customer of the eligible financial institution conducting the savings promotion program; and\n(3) maintains a qualified account with the eligible financial institution conducting the savings promotion program.\n\"Insured credit union.\" As defined in section 101 of the Federal Credit Union Act (48 Stat. 1216, 12 U.S.C. § 1752).\n\"Insured depository institution.\" As defined in section 3 of the Federal Deposit Insurance Act (64 Stat. 873, 12 U.S.C. § 1813).\n\"Prudential regulator.\" As defined in section 1002 of the Consumer Financial Protection Act of 2010 (Public Law 111-203, 124 Stat. 1955, 12 U.S.C. § 5481).\n\"Qualified account.\" A savings account, time deposit or savings program offered to an eligible individual by an eligible financial institution pursuant to a savings promotion program. The term includes a share account and an account where the eligible individual has an interest individually or jointly with another eligible individual.\n\"Qualified financial program.\" A program offered by an eligible financial institution under section 5705 (relating to qualified financial program).\n\"Savings promotion program.\" A contest in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a qualified account or other savings program of which each ticket or entry has an equal chance of being drawn.","path":["Title 12 - COMMERCE AND TRADE","PART IV COMMERCIAL PROTECTION","CHAPTER 57 INCENTIVE-BASED SAVINGS PROGRAM"],"source_url":"https://www.palegis.us/statutes/consolidated/view-statute?txtType=HTM\u0026ttl=12\u0026div=0\u0026chpt=57\u0026sctn=2\u0026subsctn=0","current_through":"2026-08-31 (Statute Update stamp, 12 Pa.C.S.)","vintage":"","retrieved_at":"2026-09-02T16:30:58Z","sha256":"db3e0fef14151543380c2186c997765745cc1a4c8337002cd6c763bd31ba7953","source_id":"us-pa","stale":false,"prev":"us-pa/12-pa.c.s.-5701","next":"us-pa/12-pa.c.s.-5703"},"notice":"GroundRules: Original legal text. Not legal advice."}