SB279 Summary

• Authorizes financial institutions operating in Alabama to conduct savings promotion contests to encourage depositors to maintain and increase personal savings accounts.

• Specifies that savings promotion contests are not considered gambling, lotteries, or raffles under the Alabama Constitution, as participants do not pay consideration and retain ownership of deposited funds.

• Requires participating financial institutions to comply with consumer protection laws, maintain audit records, post contest terms and conditions online, and ensure equal chances for all entries.

• Establishes regulatory oversight by appropriate federal or state agencies, which may issue cease and desist orders if institutions engage in unsafe practices or violate laws or regulations.

• Becomes effective January 1, 2018.