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Prize Linked Savings Accounts Bill Gets Texas Senate Committee Approval
Friday, May 22, 2015 6:50 AM

HB 1628 by Rep. Eric Johnson (D-Dallas) and Sen. Jose Rodriguez (D-El Paso) was voted out of the Senate Business and Commerce Committee on Thursday. The bill allows credit unions and other financial institutions to conduct savings promotion raffles without running afoul of the anti-raffle laws. 

The goal is to encourage greater saving levels, particularly in financially vulnerable populations. Other states have been very successful with these types of accounts, noting that 67 percent of the money deposited in them ends up staying in the credit union.

Texas Credit Union Association testified in support of the bill. Sen. Don Huffines (R-Dallas) had several questions about the bill and how the Prize Linked Savings Accounts will work. HB 1628 was voted out of committee 7-0 later that afternoon, and it now goes to the full Senate.

Contact Jeff Huffman, president, Texas Credit Union Association, at 469-385-6488 or jhuffman@txcua.coop for more information.