Alabama § 5-27-1 - Legislative Findings.
Full text of Alabama Code of Alabama § 5-27-1 — Legislative Findings., with citation guidance and answers to common questions.
§ 5-27-1. Legislative Findings.
The Legislature finds and declares the following:
(1) Federal law allows both depository financial institutions and credit unions to hold savings promotion contests, subject to certain conditions and authorization under state law.
(2) Savings promotion contests in other states and countries have led to an increase in the number and amount of funds in personal savings accounts.
(3) Savings promotion contests encourage people to save money by adding a feature to personal savings accounts that includes a chance to win prizes.
(4) Savings promotion contests are not lotteries because they do not require individuals to pay consideration for a chance to win a prize, and the individual maintains ownership of the money that is deposited into a savings account or other qualifying account.
(5) The prizes are funded through the interest that accrues across the pool of savings accounts participating in the promotion contest.
(6) It is in the best interest of the citizens of Alabama to encourage increases in personal savings accounts.
Frequently Asked Questions About Alabama § 5-27-1
What does Code of Alabama § 5-27-1 cover?
Section 5-27-1 ("Legislative Findings.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 5-27-1?
A common citation format is "Code of Alabama § 5-27-1" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 5-27-1 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.