Topic: Certificates of Deposit (CDs)
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Are we prohibited from offering a certificate of deposit (C.D.) from our bank as the grand prize for a marketing promotion?
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We do not know of any prohibition against a bank offering a certificate of deposit as the prize in a drawing open to the public. The Illinois Prizes and Gifts Act governs the promotion of prizes that are used to induce people to conduct business or contact a business in Illinois. It provides that the…