Prize linked savings programs.

(a) For purposes of this section “savings promotion raffle” means a raffle conducted by a bank or credit union doing business in Delaware where the sole action required for a chance of winning designated prizes is the deposit of a minimum specified amount of money in a savings account or other savings program. (b) Any bank or credit union doing business in this State may conduct a savings promotion raffle provided that the bank or credit union: (1) Conducts the savings promotion raffle in a manner that ensures that each entry has an equal chance of winning the designated prize; (2) Fully discloses the terms and conditions of the savings promotion raffle to each of its account holders; (3) Offers an interest rate that is commensurate with the interest rate the bank or credit union offers on comparable savings accounts or savings programs that are not subject to a savings promotion raffle; and (4) Maintains records sufficient to facilitate an audit of such savings promotion raffle. (c) A savings promotion raffle is not a lottery for purposes of Chapter 48 of Title 29.