186.114 Savings promotion prize programs.
(1) In this section:
(a) “Member” means any person holding an account authorized under s. 186.113.
(b) “Nonqualifying account" means a deposit account that is not a qualifying account.
(c) “Qualifying account" means a deposit account through which a credit union's members may obtain chances to win prizes in a savings promotion.
(d) “Savings promotion" means a contest or promotion to encourage savings deposits that is sponsored by one or more credit unions, or by a credit union trade association or its subsidiary in conjunction with one or more credit unions, and in which credit union members are offered a chance to win designated prizes.
(2) A credit union may sponsor, or participate in, a savings promotion if all of the following requirements are satisfied:
(a) Credit union members are not required to pay any fee or otherwise provide any consideration in order to enter the savings promotion.
(b) All fees charged by a credit union in connection with a qualifying account are comparable with all fees charged in connection with comparable nonqualifying accounts offered by the credit union.
(c) Each entry in the savings promotion has an equal chance of winning.
(d) Participants in the savings promotion are not required to be present at a prize drawing in order to win.
(3) For purposes of sub. (2) (a), a member's deposit of at least a specified amount of money for at least a specified time in a qualifying account, which is required in order to enter the savings promotion, is not consideration if the interest rate associated with the qualifying account is not reduced, as compared to comparable nonqualifying accounts offered by the credit union, to account for the possibility of winning a prize.
History: 2017 a. 72.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.