7-1-619. Savings promotion programs.
(1) As used in this section: "Prize period" means a period of time, designated by a depository institution, during which a qualifying account holder may submit an entry into the depository institution's savings promotion program for a chance to win a prize designated as the prize for that period. "Qualifying account" means a savings account that qualifies the savings account holder for an entry into the saving account's depository institution's savings promotion program each time the holder of the savings account: deposits a minimum amount of money specified by the depository institution into the savings account; and leaves the minimum deposit in the savings account for no less than an amount of time specified by the depository institution. "Qualifying account holder" means a person who holds a qualifying account. "Savings promotion program" means a contest: that a depository institution conducts to encourage savings deposits; and in which a qualifying account holder is offered a chance to win a designated prize for each entry submitted in association with the qualifying account holder's qualifying account.
(2) A depository institution may conduct a savings promotion program if: no qualifying account holder is required to: pay a fee or otherwise provide any consideration to submit an entry in the savings promotion program; or be present at a prize drawing in order to win; any fee charged by a depository institution in connection with a qualifying account is comparable with a fee charged in connection with a comparable nonqualifying account the depository institution offers; any interest rate a depository institution associates with a qualifying account is comparable to an interest rate associated with a comparable nonqualifying account the depository institution offers; each entry in the savings promotion program during a single prize period has an equal chance of winning; and the depository institution: conducts the savings promotion program in a manner that does not: jeopardize the depository institution's ability to operate in a safe and sound manner; or mislead the depository institution's account holders; and fully discloses the terms and conditions of the savings promotion program to each of the depository institution's account holders.
(3) In accordance with, the commissioner may make rules that: Title 63G, Chapter 3, Utah Administrative Rulemaking Act require a depository institution that conducts a savings promotion program to maintain all records the commissioner determines necessary for the administration and enforcement of this section; or ensure that a depository institution conducts a savings promotion program in accordance with this section.