South Carolina § 34-45-10 - Legislative findings.
Full text of South Carolina South Carolina Code of Laws § 34-45-10 — Legislative findings., with citation guidance and answers to common questions.
§ 34-45-10. Legislative findings.
The South Carolina General Assembly finds that:
(1) Savings promotion contests encourage people to save money by adding a feature to personal savings accounts that include a chance to win prizes.
(2) 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 or other qualifying account.
(3) The prizes are funded through the interest that accrues across the pool of savings accounts participating in a savings promotion contest.
(4) Federal law allows both depository financial institutions and credit unions to hold savings promotion contests, subject to certain conditions and authorization under state law.
(5) Savings promotion contests in other states and countries have led to an increase in the number and amount of funds in personal savings accounts.
(6) It is in the best interest of the citizens of South Carolina to encourage increases in personal savings accounts.
HISTORY: 2016 Act No. 203 (S.652), SECTION 1, eff June 3, 2016.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 34-45-10
What does South Carolina Code of Laws § 34-45-10 cover?
Section 34-45-10 ("Legislative findings.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. 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 South Carolina § 34-45-10?
A common citation format is "South Carolina Code of Laws § 34-45-10" (South Carolina). 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 South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 34-45-10 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina 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 South Carolina.