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Texas House Committee to Hear Bills on Prize-Linked Savings Accounts
Monday, March 20, 2017 6:55 AM

On Tuesday, the House Investments and Financial Services committee will hear two related bills by Rep. Eric Johnson (D-Dallas) that would permit prize-linked savings accounts in Texas. HB 471 amends the statutory references to permit savings promotion raffles, and HJR 37 similarly amends the constitution. Both the bill and the joint resolution are necessary to achieve that goal. HJR 37 will require approval by two-thirds of the House and Senate and approval of the voters during the November election.

Several states allow credit unions and other financial institutions to conduct savings promotion raffles. The raffles have been successful, encouraging credit union members to save. Once they meet the savings minimum and hold that balance for a certain time period, they are entered into a chance to win a prize.

Full details and analysis about the bill can be found here.

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