Section 408.800

Title XXVI TRADE AND COMMERCE

Chapter 408

Effective - 28 Aug 2016   

  408.800.  Definitions. — As used in sections 408.800 to 408.815, the following terms shall mean:

  (1)  "American Savings Promotion Act", Public Law 113-251, enacted by the 113th United States Congress;

  (2)  "Eligible account", an insured deposit account offered by an eligible financial institution that provides an incentive savings program authorized under sections 408.800 to 408.815.  This shall include any account in which an individual has either a joint or individual interest, any trust account, or similar account held for a beneficiary.  For individual accounts, one individual account holder shall be eighteen years of age or older to be eligible.  The eligibility of the account shall not be affected by the designation of a transfer on death beneficiary;

  (3)  "Eligible financial institution", a federally insured depository institution that is state or federally chartered and is authorized to accept deposits that are insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration;

  (4)  "Eligible financial program":

  (a)  Any savings program or product that an eligible financial institution offers to participants for the purpose of:

  a.  Encouraging savings by participants; or

  b.  Providing participants the opportunity to use and control their own moneys in order to improve his or her economic and social condition;

  (b)  Programs or products that encourage or require participants to:

  a.  Open one or more eligible accounts; or

  b.  Increase deposits or contributions to one or more  eligible accounts; or

  (c)  Programs or products that encourage or require participants to deposit or transfer moneys into one or more eligible accounts on a recurring or automatic basis;

  (5)  "Participant", any owner of an eligible account;

  (6)  "Savings promotion program", a promotion in which a chance of winning designated prizes is obtained by the deposit of a specified amount of moneys in a savings account or other savings program offered by an eligible financial institution to participants in which each entry has an equal chance of being drawn where the participants own the savings account or other savings program.

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(L. 2016 H.B. 2125 merged with S.B. 833)