"Prize linked savings program"

Sec. 6. As used in this chapter, "prize linked savings program" means a contest: (1) that is associated with one (1) or more qualified accounts or one (1) or more qualified financial programs offered by an eligible depository financial institution to eligible individuals; (2) that is conducted by an eligible depository financial institution, alone or together with one (1) or more other businesses; (3) that offers eligible individuals one (1) or more chances to win designated prizes; and (4) in which: (A) the sole consideration for a chance to win a designated prize is obtained by: (i) depositing a minimum specified amount of money in a qualified account; or (ii) participating in one (1) or more qualified financial programs; and (B) each entry has an equal chance of being drawn. As added by P.L.135-2014, SEC.3.