HB355 Summary

• Authorizes financial institutions operating in Alabama to conduct savings promotion contests to encourage personal savings, subject to federal or state regulatory agency oversight.

• Allows depositors to obtain chances to win prizes by depositing specified amounts or participating in savings products, with no consideration required and equal chances for all entries.

• Specifies that savings promotion contests do not constitute gambling or lotteries under Alabama law, with prizes capped at $12,500 maximum per award.

• Requires participating financial institutions to comply with consumer protection laws, maintain auditable records, post contest terms online, and conduct contests without misleading depositors or applying extra fees to qualifying accounts.

• Becomes effective January 1, 2018.