Sec. 6. As used in this chapter, "prize linked savings program" means a contest:
(1) that is associated with one (1) or more qualified accounts or one (1) or more qualified financial programs offered by an eligible depository financial institution to eligible individuals;
(2) that is conducted by an eligible depository financial institution, alone or together with one (1) or more other businesses;
(3) that offers eligible individuals one (1) or more chances to win designated prizes; and
(4) in which:
(A) the sole consideration for a chance to win a designated prize is obtained by:
(i) depositing a minimum specified amount of money in a qualified account; or
(ii) participating in one (1) or more qualified financial programs; and
(B) each entry has an equal chance of being drawn.
As added by P.L.135-2014, SEC.3.