South Carolina § 34-45-40 - Conditions for conducting savings promotion contest.
Full text of South Carolina South Carolina Code of Laws § 34-45-40 — Conditions for conducting savings promotion contest., with citation guidance and answers to common questions.
§ 34-45-40. Conditions for conducting savings promotion contest.
A participating financial institution may conduct a savings promotion contest for the benefit of its depositors only if all of the following conditions are met:
(1) The terms and conditions of the savings promotion contest must allow a depositor to obtain one or more entries to win a specified prize or prizes. Subject to any limits that the participating financial institution may place on the number of entries that a depositor is allowed to obtain for any savings promotion contest, as set forth in the terms and conditions of a specific savings promotion contest, the participating financial institution must allow a depositor to obtain an entry for a savings promotion contest only by doing either or both of the following:
(a) depositing a minimum specified amount of money or making a specified number of deposits into a qualifying account in accordance with the terms and conditions of a specific savings promotion contest;
(b) participating in one or more savings products or programs in accordance with the terms and conditions of a specific savings promotion contest.
(2) A savings promotion contest must comply with all applicable consumer protection laws.
(3) A participating financial institution conducting a savings promotion contest shall not require any depositor or other individual to pay a consideration for a chance of winning a prize or prizes designated in a savings promotion contest.
(4) A depositor does not make a payment for consideration if the depositing of a specified amount of money, the making of a specified number of deposits, or the participating in one or more savings programs or products are all made or involve the depositor's accounts.
(5) Each entry in a savings promotion contest must have an equal chance of being drawn.
(6) Participating depositors in a savings promotion contest are not required to be present at a drawing to win a prize.
(7) A participating financial institution must maintain books and records necessary to facilitate an audit of a savings promotion contest and, upon written request, must provide those records to the appropriate state or federal regulatory agency of that financial institution.
(8) A participating financial institution must not conduct a savings promotion contest in a manner that jeopardizes the safety or soundness of the financial institution or misleads its depositors.
(9) A participating financial institution must post, online and in any location where entries may be submitted, the terms and conditions of the savings promotion contest.
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 § 34-45-40
What does South Carolina Code of Laws § 34-45-40 cover?
Section 34-45-40 ("Conditions for conducting savings promotion contest.") 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 § 34-45-40?
A common citation format is "South Carolina Code of Laws § 34-45-40" (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 § 34-45-40 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.