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GA SB403
Bill
Status
Introduced
2/18/2016
Primary Sponsor
Joshua McKoon
Click for details
AI Summary
- Financial institutions in Georgia are authorized to conduct savings promotion sweepstakes, where depositors who deposit a specified amount into a savings account are entered into a prize drawing at no charge, with no purchase necessary and no value risked
- Financial institutions must disclose sweepstakes terms, verifiable retail value of each prize, and odds of winning to each depositor; odds must be stated as the number of prizes relative to total participants
- All advertisements for savings promotion sweepstakes must include the phrase "no purchase necessary" in no smaller than ten-point Helvetica font
- Sweepstakes savings accounts conforming to the new requirements are explicitly excluded from the statutory definition of "lottery" under Georgia's gambling laws (Code Section 16-12-20)
- The Department of Banking and Finance is granted rulemaking authority over savings promotion sweepstakes, with rules and regulations provisions effective upon gubernatorial approval and all other provisions effective January 1, 2017
Legislative Description
"Sweepstakes Savings Account Act of Georgia"; establishment of sweepstakes savings accounts by financial institutions
Last Action
Senate Read and Referred
2/19/2016
Full Bill Text
No bill text available