As used in this chapter, "prize linked savings program" means a contest:

1. (1) that is associated with one (1) or more qualified accounts or one (1) or more qualified financial programs offered by an eligible depository financial institution to eligible individuals;
2. (2) that is conducted by an eligible depository financial institution, alone or together with one (1) or more other businesses;
3. (3) that offers eligible individuals one (1) or more chances to win designated prizes; and

4. (4) in which:

   1. (A) the sole consideration for a chance to win a designated prize is obtained by:

      1. (i) depositing a minimum specified amount of money in a qualified account; or
      2. (ii) participating in one (1) or more qualified financial programs; and
   2. (B) each entry has an equal chance of being drawn.

As added by P.L.135-2014, SEC.3.