2015 New York Laws
BNK - Banking
Article 1 - (Banking) SHORT TITLE; DEFINITIONS; MISCELLANEOUS PROVISIONS.
9-V - Savings promotion prize giveaway.

  9-v.  Savings  promotion  prize  giveaway.  A  banking organization
  organized under or subject to the provisions of  this  chapter,  federal
  credit   union,   federal   savings   bank,  federal  savings  and  loan
  association,  or  national  bank  association  may  conduct  a   savings
  promotion  in  accordance  with  the  provisions of this section, to the
  extent it is not prohibited by federal law or regulation.
1. Definitions. As used in this section the following terms shall have
  the following meanings:
a. The term "savings promotion" means a contest or promotion sponsored
  by a banking organization, federal credit union, federal  savings  bank,
  federal  savings  and  loan association, or national bank association in
  which  a  chance  of  winning  designated  prizes  is  obtained  by  its
  depositors  for  the  purposes  of  encouraging  depositors to build and
  maintain savings deposits.
b. The term  "qualifying  account"  means  a  savings  account,  share
  account,  share certificate, or other savings product or program offered
  by a banking organization, federal credit union, federal  savings  bank,
  federal  savings  and  loan  association,  or  national bank association
  through which depositors may obtain chances to win prizes in  a  savings
  promotion.
c.  The  term  "non-qualifying account" means a savings account, share
  account, certificate of deposit, or other  savings  product  or  program
  offered by a banking organization, federal credit union, federal savings
  bank, federal savings and loan association, or national bank association
  that is not a qualifying account.
2.  Rules  of  operation. a. Participants in a savings promotion shall
  not be required to provide any consideration in order to obtain  entries
  to win. For purposes of this paragraph, participants shall not be deemed
  to  have provided consideration due to the requirement that they deposit
  money in a qualifying account to obtain entries to win, so long as:  (i)
  the  interest  rate  associated  with any such qualifying account is not
  reduced when compared  with  other  comparable  non-qualifying  accounts
  offered  by  any  banking  organization,  federal  credit union, federal
  savings bank, federal savings and  loan  association  or  national  bank
  association,  to  account  for  the  possibility  of  depositors winning
  specified prizes; and  (ii)  no  banking  organization,  federal  credit
  union,  federal  savings  bank, federal savings and loan association, or
  national bank association may charge a fee for entry. All  fees  charged
  in  connection with such qualifying account shall be comparable with all
  fees  charged  in  connection  with  other   comparable   non-qualifying
  accounts,  if  any,  offered by any banking organization, federal credit
  union, federal savings bank, federal savings and  loan  association,  or
  national bank association.
b.  A savings promotion shall be conducted such that each entry in the
  savings promotion has an equal chance of being drawn.
c. Participants in a savings promotion shall not  be  required  to  be
  present at a prize drawing in order to win.
d.  The  offering  of  a savings promotion shall be subject to section
  three hundred sixty-nine-e of the  general  business  law  in  the  same
  manner  as  other  promotions  regulated thereunder. For purposes of the
  general business law and the penal law, a savings promotion  offered  in
  accordance with this chapter shall not be deemed to entail consideration
  or the promotion of gambling or a lottery.