Alabama § 5-27-2 - Definitions.
Full text of Alabama Code of Alabama § 5-27-2 — Definitions., with citation guidance and answers to common questions.
§ 5-27-2. Definitions.
When used in this chapter, the following words and phrases shall have the following meanings:
(1) APPROPRIATE STATE OR FEDERAL REGULATORY AGENCY. The state or federal agency that is statutorily responsible for the supervision of all or part of the operations of a participating financial institution.
(2) DEPOSITOR. An individual member or customer of a financial institution who meets all of the following requirements:
a. Maintains a qualifying account at a financial institution participating in a savings promotion contest.
b. Is in good standing at a financial institution authorized to do business in Alabama.
c. Is 18 years of age or older.
(3) ENTRY. A chance or chances obtained by a depositor to win a designated prize or prizes in a savings promotion contest by complying with the terms and conditions of a savings promotion contest.
(4) FINANCIAL INSTITUTION. A bank, savings institution, or credit union authorized to do business in Alabama under federal or state law.
(5) PARTICIPATING FINANCIAL INSTITUTION. A financial institution, as defined above, that is sponsoring a savings promotion contest.
(6) QUALIFYING ACCOUNT. A savings account or other savings product that is offered by a participating financial institution and that meets all of the following requirements:
a. Allows deposits to be made by a depositor.
b. Is evidenced by periodic statements that are delivered to the depositor or are available to the depositor through electronic access.
c. Has an interest rate that is similar to, and not less than, the interest rates of other comparable nonqualifying accounts.
(7) SAVINGS PROMOTION ACCOUNT. A contest or promotion sponsored by a financial institution or a group of financial institutions in which a chance of winning designated prizes is obtained by a depositor when the depositor either:
a. Deposits a specified amount of money or makes a specified number of deposits into the depositor’s qualifying account.
b. Participates in one or more savings products or programs.
Frequently Asked Questions About Alabama § 5-27-2
What does Code of Alabama § 5-27-2 cover?
Section 5-27-2 ("Definitions.") 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 § 5-27-2?
A common citation format is "Code of Alabama § 5-27-2" (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 § 5-27-2 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.