Answer:
Unless you provide a way for the general public to enter without having to get a loan or opening an account, you probably run afoul of state sweepstakes laws.
First published on BankersOnline.com 2/04/08
Prize Drawing Tied to Auto Loan
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Question:
The savings and loan I work for wants to reward customers who have financed a $25K car loan by placing their names in a drawing to win prizes such as cruises or tickets. Can we do this and if so, what regulations apply?
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