United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-1-619, 2019

Source excerpt

account feesaccount holdersbankingconsiderationconsumer disclosurescontestsdeposit accountsdepository institutiondepository institutionsdisclosuresentry submissionfeesinterest ratespromotional contestsrecord retentionrulemakingsavings accountssavings promotionsavings promotion programsavings promotion programs

Jurisdiction: United States — Utah
Status: In force
Official identity: Year 2019
Dates: Enacted 2019

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Dates: Enacted 2019

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Purpose and legislative effect

“Savings promotion programs. As used in this section: "Prize period" means a period of time, designated by a depository institution, during which a qualifying account holder may submit an entry into the depository institution's savings”

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Savings promotion programs.

Section 7-1-619

Subsection 7-1-619(1)(c)

"Qualifying account holder" means a person who holds a qualifying account.

Section 7-1-619(1)(c)

Subsection 7-1-619(2)(a)(i)

A person submitting an entry in the savings promotion program must pay a fee or provide other consideration.

Section 7-1-619(2)(a)(i)

Subsection 7-1-619(2)(e)

Section 7-1-619(2)(e)

Subsection 7-1-619(3)(b)

A depository institution must conduct a savings promotion program in accordance with this section.

Section 7-1-619(3)(b)

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Source record from le.utah.gov · Enacted 2019

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Showing 25 of 25 provisions

Provision 25

Part 7-1-6

part 7-1-6 Deposit Accounts

§ 7-1-619Savings promotion programs.Provision

Source excerpt

Savings promotion programs. As used in this section: "Prize period" means a period of time, designated by a depository institution, during which a qualifying account holder may submit an entry into the depository institution's savings promotion program for a chance to win a prize designated as the prize for that period. "Qualifying account" means a savings account that qualifies the savings account holder for an entry into the saving account's depository institution's savings promotion program each time the holder of the savings account: deposits a minimum amount of money specified by the depository institution into the savings account; and leaves the minimum deposit in the savings account for no less than an amount of time specified by the depository institution. "Qualifying account holder" means a person who holds a qualifying account. "Savings promotion program" means a contest: that a depository institution conducts to encourage savings deposits; and in which a qualifying account holder is offered a chance to win a designated prize for each entry submitted in association with the qualifying account holder's qualifying account. A depository institution may conduct a savings promotion program if: no qualifying account holder is required to: pay a fee or otherwise provide any consideration to submit an entry in the savings promotion program; or be present at a prize drawing in order to win; any fee charged by a depository institution in connection with a qualifying account is comparable with a fee charged in connection with a comparable nonqualifying account the depository institution offers; any interest rate a depository institution associates with a qualifying account is comparable to an interest rate associated with a comparable nonqualifying account the depository institution offers; each entry in the savings promotion program during a single prize period has an equal chance of winning; and the depository institution: conducts the savings promotion program in a manner that does not: jeopardize the depository institution's ability to operate in a safe and sound manner; or mislead the depository institution's account holders; and fully discloses the terms and conditions of the savings promotion program to each of the depository institution's account holders. In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act , the commissioner may make rules that: require a depository institution that conducts a savings promotion program to maintain all records the commissioner determines necessary for the administration and enforcement of this section; or ensure that a depository institution conducts a savings promotion program in accordance with this section.

Section 7-1-619Verify source

§ 7-1-619(1)Subsection 7-1-619(1)Provision

Source excerpt

This section defines a prize period, qualifying account, qualifying account holder, and savings promotion program.

As used in this section: "Prize period" means a period of time, designated by a depository institution, during which a qualifying account holder may submit an entry into the depository institution's savings promotion program for a chance to win a prize designated as the prize for that period. "Qualifying account" means a savings account that qualifies the savings account holder for an entry into the saving account's depository institution's savings promotion program each time the holder of the savings account: deposits a minimum amount of money specified by the depository institution into the savings account; and leaves the minimum deposit in the savings account for no less than an amount of time specified by the depository institution. "Qualifying account holder" means a person who holds a qualifying account. "Savings promotion program" means a contest: that a depository institution conducts to encourage savings deposits; and in which a qualifying account holder is offered a chance to win a designated prize for each entry submitted in association with the qualifying account holder's qualifying account.

Section 7-1-619(1)Verify source

§ 7-1-619(1)(a)Subsection 7-1-619(1)(a)Provision

Source excerpt

“Prize period” means a time period designated by a depository institution for entry into its savings promotion program for a chance to win the prize for that period.

"Prize period" means a period of time, designated by a depository institution, during which a qualifying account holder may submit an entry into the depository institution's savings promotion program for a chance to win a prize designated as the prize for that period.

Section 7-1-619(1)(a)Verify source

§ 7-1-619(1)(b)Subsection 7-1-619(1)(b)Provision

Source excerpt

A “qualifying account” is a savings account that meets the depository institution’s specified minimum deposit and minimum holding-time conditions.

"Qualifying account" means a savings account that qualifies the savings account holder for an entry into the saving account's depository institution's savings promotion program each time the holder of the savings account: deposits a minimum amount of money specified by the depository institution into the savings account; and leaves the minimum deposit in the savings account for no less than an amount of time specified by the depository institution.

Section 7-1-619(1)(b)Verify source

§ 7-1-619(1)(b)(i)Subsection 7-1-619(1)(b)(i)Provision

Source excerpt

deposits a minimum amount of money specified by the depository institution into the savings account; and

Section 7-1-619(1)(b)(i)Verify source

§ 7-1-619(1)(b)(ii)Subsection 7-1-619(1)(b)(ii)Provision

Source excerpt

leaves the minimum deposit in the savings account for no less than an amount of time specified by the depository institution.

Section 7-1-619(1)(b)(ii)Verify source

§ 7-1-619(1)(c)Subsection 7-1-619(1)(c)Provision

Source excerpt

"Qualifying account holder" means a person who holds a qualifying account.

Section 7-1-619(1)(c)Verify source

§ 7-1-619(1)(d)Subsection 7-1-619(1)(d)Provision

Source excerpt

A “savings promotion program” is a contest run by a depository institution to encourage savings deposits and give a qualifying account holder a chance to win a designated prize for each qualifying entry.

"Savings promotion program" means a contest: that a depository institution conducts to encourage savings deposits; and in which a qualifying account holder is offered a chance to win a designated prize for each entry submitted in association with the qualifying account holder's qualifying account.

Section 7-1-619(1)(d)Verify source

§ 7-1-619(1)(d)(i)Subsection 7-1-619(1)(d)(i)Provision

Source excerpt

that a depository institution conducts to encourage savings deposits; and

Section 7-1-619(1)(d)(i)Verify source

§ 7-1-619(1)(d)(ii)Subsection 7-1-619(1)(d)(ii)Provision

Source excerpt

in which a qualifying account holder is offered a chance to win a designated prize for each entry submitted in association with the qualifying account holder's qualifying account.

Section 7-1-619(1)(d)(ii)Verify source

§ 7-1-619(2)Subsection 7-1-619(2)Provision

Source excerpt

A depository institution may conduct a savings promotion program if: no qualifying account holder is required to: pay a fee or otherwise provide any consideration to submit an entry in the savings promotion program; or be present at a prize drawing in order to win; any fee charged by a depository institution in connection with a qualifying account is comparable with a fee charged in connection with a comparable nonqualifying account the depository institution offers; any interest rate a depository institution associates with a qualifying account is comparable to an interest rate associated with a comparable nonqualifying account the depository institution offers; each entry in the savings promotion program during a single prize period has an equal chance of winning; and the depository institution: conducts the savings promotion program in a manner that does not: jeopardize the depository institution's ability to operate in a safe and sound manner; or mislead the depository institution's account holders; and fully discloses the terms and conditions of the savings promotion program to each of the depository institution's account holders.

Section 7-1-619(2)Verify source

§ 7-1-619(2)(a)Subsection 7-1-619(2)(a)Provision

Source excerpt

no qualifying account holder is required to: pay a fee or otherwise provide any consideration to submit an entry in the savings promotion program; or be present at a prize drawing in order to win;

Section 7-1-619(2)(a)Verify source

§ 7-1-619(2)(a)(i)Subsection 7-1-619(2)(a)(i)Provision

Source excerpt

A person submitting an entry in the savings promotion program must pay a fee or provide other consideration.

pay a fee or otherwise provide any consideration to submit an entry in the savings promotion program; or

Section 7-1-619(2)(a)(i)Verify source

§ 7-1-619(2)(a)(ii)Subsection 7-1-619(2)(a)(ii)Provision

Source excerpt

be present at a prize drawing in order to win;

Section 7-1-619(2)(a)(ii)Verify source

§ 7-1-619(2)(b)Subsection 7-1-619(2)(b)Provision

Source excerpt

any fee charged by a depository institution in connection with a qualifying account is comparable with a fee charged in connection with a comparable nonqualifying account the depository institution offers;

Section 7-1-619(2)(b)Verify source

§ 7-1-619(2)(c)Subsection 7-1-619(2)(c)Provision

Source excerpt

A depository institution’s interest rate on a qualifying account is compared with the interest rate on a comparable nonqualifying account the institution offers.

any interest rate a depository institution associates with a qualifying account is comparable to an interest rate associated with a comparable nonqualifying account the depository institution offers;

Section 7-1-619(2)(c)Verify source

§ 7-1-619(2)(d)Subsection 7-1-619(2)(d)Provision

Source excerpt

each entry in the savings promotion program during a single prize period has an equal chance of winning; and

Section 7-1-619(2)(d)Verify source

§ 7-1-619(2)(e)Subsection 7-1-619(2)(e)Provision

Source excerpt

the depository institution: conducts the savings promotion program in a manner that does not: jeopardize the depository institution's ability to operate in a safe and sound manner; or mislead the depository institution's account holders; and fully discloses the terms and conditions of the savings promotion program to each of the depository institution's account holders.

Section 7-1-619(2)(e)Verify source

§ 7-1-619(2)(e)(i)Subsection 7-1-619(2)(e)(i)Provision

Source excerpt

conducts the savings promotion program in a manner that does not: jeopardize the depository institution's ability to operate in a safe and sound manner; or mislead the depository institution's account holders; and

Section 7-1-619(2)(e)(i)Verify source

§ 7-1-619(2)(e)(i)(A)Subsection 7-1-619(2)(e)(i)(A)Provision

Source excerpt

jeopardize the depository institution's ability to operate in a safe and sound manner; or

Section 7-1-619(2)(e)(i)(A)Verify source

§ 7-1-619(2)(e)(i)(B)Subsection 7-1-619(2)(e)(i)(B)Provision

Source excerpt

mislead the depository institution's account holders; and

Section 7-1-619(2)(e)(i)(B)Verify source

§ 7-1-619(2)(e)(ii)Subsection 7-1-619(2)(e)(ii)Provision

Section 7-1-619(2)(e)(ii)Verify source

§ 7-1-619(3)Subsection 7-1-619(3)Provision

Source excerpt

The commissioner may make rules for a savings promotion program.

In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act , the commissioner may make rules that: require a depository institution that conducts a savings promotion program to maintain all records the commissioner determines necessary for the administration and enforcement of this section; or ensure that a depository institution conducts a savings promotion program in accordance with this section.

Section 7-1-619(3)Verify source

§ 7-1-619(3)(a)Subsection 7-1-619(3)(a)Provision

Source excerpt

require a depository institution that conducts a savings promotion program to maintain all records the commissioner determines necessary for the administration and enforcement of this section; or

Section 7-1-619(3)(a)Verify source

§ 7-1-619(3)(b)Subsection 7-1-619(3)(b)Provision

Source excerpt

A depository institution must conduct a savings promotion program in accordance with this section.

ensure that a depository institution conducts a savings promotion program in accordance with this section.

Section 7-1-619(3)(b)Verify source

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Utah Code § 7-1-619, 2019

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