Banks can run savings contests with prizes

(a) Any financial institution that is a depository institution may conduct a savings promotion or prize-linked savings contest if the depository institution: (1) Conducts the savings promotion contest in a manner that ensures that each entry has a chance of winning the designated prize based on the number of entries; (2) Requires the deposit of a minimum specified amount of money in a savings account or other savings promotion or prize-linked savings contest program to qualify for a chance to win the designated prizes; (3) Offers an interest rate that is commensurate with the interest rate that the depository institution offers on comparable savings accounts or savings promotion or prize-linked savings programs that are not subject to a savings promotion or prize-linked savings contest; (4) Fully discloses the terms and conditions of the savings promotion or prize-linked savings contest to each of its account holders; and (5) Maintains records sufficient to facilitate an audit of the savings promotion or prize-linked savings contest. (b) Deposits made by a consumer into a savings account or other savings program shall remain under the ownership of the consumer. (c) A financial institution that offers a savings promotion or prize-linked savings contest shall comply with the requirements of the American Savings Promotion Act, Public Law 113-251, and the regulations promulgated by the federal prudential regulators of the financial institutions applicable to the savings promotion or prize-linked savings contest program. (d) For the purposes of this section, "financial institution" shall have the same meaning as in section 412:1-109.