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A question we received from a member:
Can you say on FAcebook that like our page and enter for a chance to win X?In terms if federal law allows you to host an “like us to win” contest on facebook it is unclear how regulators view these “like us to win” contests. Many banks offer these types of promotions on their facebook pages and the regulators have not, to my knowledge, given any clear guidance on the topic. There is the chance that they interpret that you are requiring consumers to advance something of value with the “like”.
If this is something you decide to do I would suggest you check your state law for any restrictions and disclosure requirements, review facebook’s rules on promotion (https://www.facebook.com/page_guidelines.php#promotionsguidelines), make your official rules available via link on in the post and clarify that no purchase is necessary to win. And finally it would be a good idea to run this by your regulator to get their opinion since they can have differing opinions with these somewhat grey areas.
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