Enrolled House Bill (H) 5
Authored by: Rep. Gail Riecken
Prize linked savings programs. Defines an "eligible depository financial institution" as a credit union that is organized or reorganized under Indiana law. Allows an eligible depository financial institution to offer and conduct a prize linked savings program that: (1) is associated with one or more qualified accounts or qualified financial programs offered by the eligible depository financial institution; and (2) offers eligible individuals one or more chances to win specified prizes. Specifies certain conditions that a prize linked savings program must meet. Provides that a prize linked savings program must allow an eligible individual to obtain an entry to win a prize only by ... doing either or both of the following: (1) Depositing a minimum specified amount in a qualified account. (2) Participating in one or more qualified financial programs. Provides that a prize linked savings program must be approved by: (1) the director of the department of financial institutions (director); and (2) the eligible depository financial institution's board of directors; before it is offered or promoted to eligible individuals. Permits the director to: (1) adopt rules, policies, or guidance; and (2) exercise certain enforcement powers; with respect to the conduct of prize linked savings programs by eligible depository financial institutions. Specifies that Indiana Code provisions concerning charity gaming, promotional gifts and contests, and criminal gambling do not apply to a prize linked savings program that is offered or conducted by: (1) an eligible financial institution under the new provisions; or (2) a federal credit union if the prize linked savings program is conducted by the federal credit union in the same manner as a prize linked savings program under the new provisions.