{"data":{"id":"us-sc/s.c.-code-ann.-34-45-40","jurisdiction":"us-sc","citation":"S.C. Code Ann. § 34-45-40","heading":"Conditions for conducting savings promotion contest.","body":"A participating financial institution may conduct a savings promotion contest for the benefit of its depositors only if all of the following conditions are met:\n(1) The terms and conditions of the savings promotion contest must allow a depositor to obtain one or more entries to win a specified prize or prizes. Subject to any limits that the participating financial institution may place on the number of entries that a depositor is allowed to obtain for any savings promotion contest, as set forth in the terms and conditions of a specific savings promotion contest, the participating financial institution must allow a depositor to obtain an entry for a savings promotion contest only by doing either or both of the following:\n(a) depositing a minimum specified amount of money or making a specified number of deposits into a qualifying account in accordance with the terms and conditions of a specific savings promotion contest;\n(b) participating in one or more savings products or programs in accordance with the terms and conditions of a specific savings promotion contest.\n(2) A savings promotion contest must comply with all applicable consumer protection laws.\n(3) A participating financial institution conducting a savings promotion contest shall not require any depositor or other individual to pay a consideration for a chance of winning a prize or prizes designated in a savings promotion contest.\n(4) A depositor does not make a payment for consideration if the depositing of a specified amount of money, the making of a specified number of deposits, or the participating in one or more savings programs or products are all made or involve the depositor's accounts.\n(5) Each entry in a savings promotion contest must have an equal chance of being drawn.\n(6) Participating depositors in a savings promotion contest are not required to be present at a drawing to win a prize.\n(7) A participating financial institution must maintain books and records necessary to facilitate an audit of a savings promotion contest and, upon written request, must provide those records to the appropriate state or federal regulatory agency of that financial institution.\n(8) A participating financial institution must not conduct a savings promotion contest in a manner that jeopardizes the safety or soundness of the financial institution or misleads its depositors.\n(9) A participating financial institution must post, online and in any location where entries may be submitted, the terms and conditions of the savings promotion contest.","path":["Title 34 - BANKING, FINANCIAL INSTITUTIONS AND MONEY","CHAPTER 45 Savings Promotion Contests"],"source_url":"https://www.scstatehouse.gov/code/t34c045.php","current_through":"2025 Session of the General Assembly","vintage":"","retrieved_at":"2026-09-02T07:07:19Z","sha256":"1de678fecc48a48e8906f6788bb460a10a9dbf7fd13ab1fe1eaf531c8d574ec6","source_id":"us-sc","stale":false,"prev":"us-sc/s.c.-code-ann.-34-45-30","next":"us-sc/s.c.-code-ann.-34-45-50"},"notice":"GroundRules: Original legal text. Not legal advice."}