                                 CODE OF VIRGINIA

SAVINGS PROMOTIONS (§ 6.2-603.1)

A. As used in this section, unless the context requires a different meaning:
			&#8220;Depository institution&#8221; means a bank, savings institution, or
credit union that is subject to any provision of this title and that offers
savings accounts, share accounts, certificates of deposit, or other savings
products or programs.
			&#8220;Nonqualifying account&#8221; means a savings account, share account,
certificate of deposit, or other savings product or program offered by a
depository institution that is not a qualifying account.
			&#8220;Qualifying account&#8221; means a savings account, share account,
share certificate, or other savings product or program offered by a depository
institution through which depositors may obtain chances to win prizes in a
savings promotion.
			&#8220;Savings promotion&#8221; means a contest or promotion sponsored by a
depository institution in which a chance of winning designated prizes is
obtained by its depositors for the purposes of encouraging depositors to build
and maintain savings deposits.

B. Any depository institution may sponsor a savings promotion in accordance with
the provisions of this section, to the extent (i) the savings promotion is not
prohibited by federal law or regulation and (ii) the savings promotion complies
with the following requirements:

   1. Participants in the savings promotion shall not be required to provide any
   consideration in order to obtain entries to win. For purposes of this
   subdivision, participants shall not be deemed to have provided consideration
   due to the requirement that they deposit a specified amount of money for a
   specified time period in a qualifying account in order to obtain entries to
   win, provided that:
   				a. The interest rate associated with any such qualifying account is not
   reduced when compared with other comparable nonqualifying accounts offered by
   any depository institution, to account for the possibility of depositors
   winning specified prizes; and
   				b. The depository institution does not charge a fee for participating in
   the savings promotion;

   2. All fees charged in connection with a qualifying account shall be
   comparable with all fees charged in connection with other comparable
   nonqualifying accounts, if any, offered by the depository institution;

   3. The savings promotion shall be conducted such that each entry in the
   savings promotion has an equal chance of being drawn;

   4. Participants in the savings promotion shall not be required to be present
   at a prize drawing in order to win; and

   5. The savings promotion is conducted in a manner that complies with the
   applicable requirements of Chapter 31 (&#xA7; 59.1-415 et seq.) of Title 59.1.

C. For purposes of Article 1 (&#xA7; 18.2-325 et seq.) of Chapter 8 of Title
18.2, a savings promotion offered in accordance with this section shall not
constitute illegal gambling or otherwise be deemed to entail the promotion of
gambling or a lottery.

HISTORY: 2015, cc. 12, 154.