Pennsylvania § 5703 - Savings promotion program.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 5703 — Savings promotion program., with citation guidance and answers to common questions.
§ 5703. Savings promotion program.
(a) Authorization.--Notwithstanding any prohibitions on lotteries or gambling provided by the laws of this Commonwealth, including 18 Pa.C.S. §§ 5512 (relating to lotteries, etc.), 5513 (relating to gambling devices, gambling, etc.) and 5514 (relating to pool selling and bookmaking), an eligible financial institution may conduct a savings promotion program and any activity conducted in connection with the savings promotion program, including, but not limited to:
(1) the deposit of a minimum specified amount of money in a qualified account for a minimum length of time;
(2) the participation in a qualified financial program offered by the eligible financial institution;
(3) the transmission of any advertisement, list of prizes or other information concerning the savings promotion program;
(4) the offering, facilitation and acceptance of deposits, withdrawals or other transactions in connection with the savings promotion program;
(5) the transmission of any information relating to the savings promotion program, including account balance and transaction information;
(6) the deposit or transmission of prizes awarded in the savings promotion program as well as notification or publication of the deposit or transmission; and
(7) the establishment and operation of qualified financial programs.
(b) Limitation.--An eligible financial institution may not conduct a savings promotion program in a way that jeopardizes the eligible financial institution's safety and soundness or misleads an eligible individual or the public.
(c) Third-party participants.--An eligible financial institution may offer a savings promotion program in conjunction with a third-party participant that provides administrative support, funding or other service.
Cross References. Section 5703 is referred to in section 5705 of this title.
Frequently Asked Questions About Pennsylvania § 5703
What does Pennsylvania Consolidated Statutes § 5703 cover?
Section 5703 ("Savings promotion program.") is part of the Pennsylvania Consolidated Statutes, the codified statutory law of Pennsylvania. 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 Pennsylvania § 5703?
A common citation format is "Pennsylvania Consolidated Statutes § 5703" (Pennsylvania). 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 Pennsylvania law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Pennsylvania official source linked on this page or consult a licensed Pennsylvania attorney.
How does Pennsylvania § 5703 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Pennsylvania 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 Pennsylvania.