Terms Used In South Carolina Code 34-45-20

• bank: as used in this title must be construed to include all institutions doing any kind of banking business whose deposits are eligible for insurance by the Federal Deposit Insurance Corporation, excluding a savings bank, and "building and loan association" as used in this title must be construed to include a mutual or stock savings association, savings and loan association, or savings bank and all other institutions doing any kind of building and loan business whose deposits are eligible for insurance by the Federal Savings and Loan Insurance Corporation. See South Carolina Code 34-1-10
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Depositor: means an individual member or customer of a financial institution who:
  
  (a) maintains a qualifying account at a financial institution participating in a savings promotion contest;
  
  (b) is in good standing at a financial institution authorized to do business in South Carolina; and
  
  (c) is eighteen years of age or older. See South Carolina Code 34-45-20
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Financial institution: means a bank, a savings institution, or a credit union authorized to do business in South Carolina under federal or state law. See South Carolina Code 34-45-20
• 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}
• National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
• Participating financial institution: means a financial institution authorized to do business in South Carolina that is sponsoring a savings promotion contest. See South Carolina Code 34-45-20
• Qualifying account: means :
  
  (a) a savings account or other savings product or program offered by a participating financial institution into which deposits may be made by a depositor;
  
  (b) the account is evidenced by periodic statements that are delivered to the depositor or are available to the depositor through electronic access; and
  
  (c) the interest rate for the qualifying account is similar to, and not less than, the interest rates of other comparable nonqualifying accounts. See South Carolina Code 34-45-20
• Savings promotion contest: means a contest or promotion sponsored by a financial institution or a group of financial institutions in which a chance of winning designated prizes is obtained by a depositor when the depositor:
  
  (a) deposits a specified amount of money or makes a specified number of deposits into the depositor's qualifying account; or
  
  (b) participates in one or more savings products or programs. See South Carolina Code 34-45-20