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Can I offer contests that involve text message promotions in South Carolina? What are the requirements?

Requirements for Offering Contests with Text Message Promotions in South Carolina

Based on the context documents, it appears that you can offer contests that involve text message promotions in South Carolina, as long as you follow the requirements set forth in the law.

The relevant document is SCCL 34-45-30, which authorizes financial institutions to conduct savings promotion contests to encourage depositors to maintain savings accounts and increase personal savings. While this document does not specifically mention text message promotions, it does provide a framework for conducting promotions that encourage savings.

To ensure compliance with the law, you should consult with the appropriate state or federal regulatory agency overseeing your financial institution. They can provide guidance on the specific requirements for conducting promotions, including any rules related to text message promotions.

Additionally, SCCL 34-45-20 defines the terms used in the law, including “savings promotion contest” and “participating financial institution.” This document also defines the requirements for a “qualifying account” and “entry” in a savings promotion contest.

It is important to note that SCCL 34-45-10 provides legislative findings that support the use of savings promotion contests to encourage personal savings accounts. These findings suggest that savings promotion contests are not lotteries and that the prizes are funded through the interest that accrues across the pool of savings accounts participating in a savings promotion contest.

Overall, it is important to ensure that any promotions you offer are fair and honest, and that they comply with all applicable laws and regulations. Therefore, it is recommended that you consult with the appropriate regulatory agency and legal counsel to ensure compliance with all requirements.

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Source(s):
Jurisdiction

South Carolina