New proposal from the mortgage department - I'd like some reassurance that I've analyzed this correctly:
Home show season is approaching, and the bank would like to increase traffic at our information booth by holding a drawing. The "prize" may be a coupon for $500 off closing costs. (Another alternative - EVERYBODY wins a coupon, but in differing amounts based on a random drawing...one $500 winner, 10 $250 winners, 50 $50 winners, others $25, for example.) Entrants fill out name, address, phone, email & drop the card into a container for the end-of-show drawing. Originators later follow up by phone or mail / email to generate possible leads.
Further, the home show organizers are producing flyers to be handed out at the show - one proposal is to print drawing entry cards on the flyers, to draw people to our booth.
I don't see a RESPA section 8 issue here, because the flyer printing is paid for through our booth fee - they'll be printed & distributed to all participants whether we request something on them or not. Likewise, the "prize" goes to the potential applicant directly, so there isn't a referral of settlement services by any other party.
The drawing will be open to anyone, with no purchase necessary.
Privacy isn't an issue as long as we do not sell the list of names generated from the drawing, although a disclaimer of our intent to contact them later might be a prudent addition.
Not clear on the email followup piece yet in light of CAN-SPAM - do we need any kind of disclaimer on the entry tickets giving us permission to email?
What else did I miss?
Opinions are Bartman's, not those of my employer. "A noble spirit embiggens the smallest man."