New Jersey § 17:9a-224
Full text of New Jersey New Jersey Statutes § 17:9a-224, with citation guidance and answers to common questions.
§ 17:9a-224.
a. A bank or savings bank may conduct a savings promotion provided that the bank or
savings bank: (1) conducts the promotion in a manner so as to ensure that each entry has an equal
chance of winning the designated prize; (2) fully discloses the terms and conditions of the promotion to each of its account
holders; (3) maintains records sufficient to facilitate an audit of the promotion; (4) ensures that only account holders 18 years of age and older are permitted to participate
in the promotion; (5) does 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 (6) offers an interest rate and charges fees on any qualifying account that are approximately
the same as those on a comparable non-qualifying account. b. For 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.
Frequently Asked Questions About New Jersey § 17:9a-224
What does New Jersey Statutes § 17:9a-224 cover?
Section 17:9a-224 is part of the New Jersey Statutes, the codified statutory law of New Jersey. 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 New Jersey § 17:9a-224?
A common citation format is "New Jersey Statutes § 17:9a-224" (New Jersey). 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 New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 17:9a-224 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey 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 New Jersey.