Missouri Laws 408.805 – Savings promotion program authorized, conditions
Eligible financial institutions may offer and conduct a savings promotion program under the following conditions:
(1) The terms and conditions of the savings promotion program shall allow an eligible account to obtain one or more entries to win a specified prize. Eligible accounts shall obtain entry for a savings promotion program by maintaining an eligible account with a minimum specified amount of moneys in accordance with the terms and conditions of the savings promotion program;
Terms Used In Missouri Laws 408.805
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
(2) Beyond meeting the requirement in subdivision (1) of this section, participants in the savings promotion program shall not be required to provide any consideration to obtain chances to win prizes. By meeting the requirement in subdivision (1) of this section, participants shall not be deemed to have given consideration;
(3) Participants shall not be deemed to have provided consideration merely because:
(a) The participant makes deposits into savings accounts or other savings programs that remain under the ownership of the participant;
(b) The interest rate, if any, of the participant’s account is lower than the interest rate associated with comparable accounts; or
(c) The participant pays any fee or amount to administer or maintain the participant’s account that the financial institution ordinarily and customarily charges an individual who does not participate in the savings promotion program; and
(4) Each entry into the savings promotion program shall have an equal chance of being drawn.