(a) For purposes of this section “savings promotion raffle” means a raffle conducted by a bank or credit union doing business in Delaware where the sole action required for a chance of winning designated prizes is the deposit of a minimum specified amount of money in a savings account or other savings program.
(b) Any bank or credit union doing business in this State may conduct a savings promotion raffle provided that the bank or credit union:
(1) Conducts the savings promotion raffle in a manner that ensures that each entry has an equal chance of winning the designated prize;
(2) Fully discloses the terms and conditions of the savings promotion raffle to each of its account holders;
(3) Offers an interest rate that is commensurate with the interest rate the bank or credit union offers on comparable savings accounts or savings programs that are not subject to a savings promotion raffle; and
(4) Maintains records sufficient to facilitate an audit of such savings promotion raffle.
(c) A savings promotion raffle is not a lottery for purposes of Chapter 48 of Title 29.
81 Del. Laws, c. 13, § 1.
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