A BILL TO AMEND TITLE 34, CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING CHAPTER 45, SO AS TO AUTHORIZE FINANCIAL INSTITUTIONS THAT DO BUSINESS IN SOUTH CAROLINA TO CONDUCT SAVINGS PROMOTION CONTESTS FOR MEMBERS AND CUSTOMERS OF THE FINANCIAL INSTITUTIONS, SUBJECT TO CERTAIN REQUIREMENTS, AND TO AUTHORIZE THE APPROPRIATE FEDERAL OR STATE REGULATORY AGENCY OF EACH FINANCIAL INSTITUTION TO OVERSEE THE CONDUCT OF THE CONTESTS AND ISSUE CEASE AND DESIST ORDERS WHEN NECESSARY. Be it enacted by the General Assembly of the State of South Carolina: SECTION 1. Title 34 of the 1976 Code is amended by adding: “Chapter 45 Savings Promotion Contests Section 344510. The South Carolina General Assembly finds that: (1) Savings promotion contests encourage people to save money by adding a feature to personal savings accounts that include a chance to win prizes; (2) Savings promotion contests are not lotteries, because they do not require individuals to pay consideration for a chance to win a prize, and the individual maintains ownership of the money that is deposited into a savings or other qualifying account; (3) The prizes are funded through the interest that accrues across the pool of savings accounts participating in a savings promotion contest;
A BILL TO AMEND TITLE 34, CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING CHAPTER 45, SO AS TO AUTHORIZE FINANCIAL INSTITUTIONS THAT DO BUSINESS IN SOUTH CAROLINA TO CONDUCT SAVINGS PROMOTION CONTESTS FOR MEMBERS AND CUSTOMERS OF THE FINANCIAL INSTITUTIONS, SUBJECT TO CERTAIN REQUIREMENTS, AND TO AUTHORIZE THE APPROPRIATE FEDERAL OR STATE REGULATORY AGENCY OF EACH FINANCIAL INSTITUTION TO OVERSEE THE CONDUCT OF THE CONTESTS AND ISSUE CEASE AND DESIST ORDERS WHEN NECESSARY. Be it enacted by the General Assembly of the State of South Carolina: SECTION 1. Title 34 of the 1976 Code is amended by adding: “Chapter 45 Savings Promotion Contests Section 344510. The South Carolina General Assembly finds that: (1) Savings promotion contests encourage people to save money by adding a feature to personal savings accounts that include a chance to win prizes; (2) Savings promotion contests are not lotteries, because they do not require individuals to pay consideration for a chance to win a prize, and the individual maintains ownership of the money that is deposited into a savings or other qualifying account; (3) The prizes are funded through the interest that accrues across the pool of savings accounts participating in a savings promotion contest;