Pennsylvania § 5706 - Terms and conditions.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 5706 — Terms and conditions., with citation guidance and answers to common questions.
§ 5706. Terms and conditions.
(a) Disclosure.--An eligible financial institution conducting a savings promotion program shall disclose to the public and each participant the terms and conditions of the savings promotion program. The terms and conditions shall be posted in a location where entries may be submitted and shall be included in printed materials or electronic media promoting the savings promotion program.
(b) Content.--Terms and conditions for a savings promotion program shall include language specifying that:
(1) No other action, purchase or other consideration is necessary for an entry in the savings promotion program.
(2) No action or purchase of goods or services improves the odds of winning.
(3) Each entry has the same odds of winning the savings promotion program.
(4) The odds of winning the savings promotion program will be determined based on the number of entries received.
(5) The winner is responsible for all applicable Federal, State and local taxes.
(6) Participation in a qualified financial program is offered to any qualified individual participating in the savings promotion program.
(7) Participation in a savings promotion program presents no financial risk to an eligible individual.
Frequently Asked Questions About Pennsylvania § 5706
What does Pennsylvania Consolidated Statutes § 5706 cover?
Section 5706 ("Terms and conditions.") 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 § 5706?
A common citation format is "Pennsylvania Consolidated Statutes § 5706" (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 § 5706 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.