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Bills to Allow Prize-Linked Savings Accounts in Texas Approved by Senate Committee
Wednesday, May 17, 2017 6:55 AM

The constitutional amendment and enabling statute that would permit credit unions to offer prize-linked savings accounts, HJR 37 and HB 471 by Rep. Eric Johnson (D-Dallas)/Sen. Kelly Hancock (R-Fort Worth), were voted favorably from the Senate Business and Commerce Committee on Tuesday. 

Both the bill and joint resolution are necessary to authorize the prized-linked savings accounts in Texas. HJR 37 will require approval by two-thirds of the House and Senate and approval of the voters during the November election.

The bills now move to the full Senate for consideration.

For more information, please contact Texas Credit Union Association President Jeff Huffman at 469-385-6488 or jhuffman@txcua.coop.