In this chapter, "promotional event prize program" means a written contract entered into in this state for commercial marketing or promotional purposes:

1. (1) under which a monetary risk is transferred from one or more parties to the contract to another party to the contract;

2. (2) that does not require as a condition precedent to the imposition of contractual liability on the part of the person accepting the risk:

   1. (A) actual economic loss by the person who transfers the risk; or
   2. (B) submission of proof of economic loss by the person transferring the risk; and
3. (3) that specifically states that the contract is not for insurance and performance under the contract is not covered by any state guaranty association.

Added by Acts 2007, 80th Leg., R.S., Ch. 246 (H.B. 2708), Sec. 1, eff. May 25, 2007.