South Carolina § 34-45-20 - Definitions.

§ 34-45-20. Definitions.

As used in this chapter, the following terms shall mean:

(1) "Appropriate state or federal regulatory agency of a financial institution" means the South Carolina State Board of Financial Institutions, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Federal Reserve System, the National Credit Union Administration, or other state or federal regulatory agency that is statutorily responsible for the supervision of all or part of the operations of a participating financial institution. Nothing in this chapter prohibits financial institutions that are under supervision of these state and federal regulatory agencies from participating in prize-linked savings programs with other state or federally regulated financial institutions.

(2) "Depositor" means an individual member or customer of a financial institution who:

(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 South Carolina; and

(c) is eighteen years of age or older.

(3) "Entry" means 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" means a bank, a savings institution, or a credit union authorized to do business in South Carolina under federal or state law.

(5) "Participating financial institution" means a financial institution authorized to do business in South Carolina that is sponsoring a savings promotion contest.

(6) "Qualifying account" means:

(a) a savings account or other savings product or program offered by a participating financial institution into which deposits may be made by a depositor;

(b) the account is evidenced by periodic statements that are delivered to the depositor or are available to the depositor through electronic access; and

(c) the interest rate for the qualifying account is similar to, and not less than, the interest rates of other comparable nonqualifying accounts.

(7) "Savings promotion contest" means 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:

(a) deposits a specified amount of money or makes a specified number of deposits into the depositor's qualifying account; or

(b) participates in one or more savings products or programs.

HISTORY: 2016 Act No. 203 (S.652), SECTION 1, eff June 3, 2016.