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Texas Senate Passes Prize Linked Savings Accounts Bill
Wednesday, May 27, 2015 6:55 AM

The Texas Senate passed HB 1628 By Rep. Eric Johnson (D-Dallas) and Sen. Jose Rodriguez (D-El Paso) yesterday 24-6. The bill, which allows credit unions and other financial institutions to conduct savings promotion raffles, is now headed to the governor’s desk. Other states that allow this type of promotion have seen increased savings levels, especially in the under-banked or unbanked groups.

The Texas Credit Union Association has been working with the sponsors to support the bill throughout the session. HB 1628 ran into problems in the House for a while due to misperceptions that it expands gambling. The Texas Credit Union Association met with lawmakers explaining that there was no risk to depositors in Prize-Linked Savings Accounts since there is no payment to participate; the only requirement is to save money.

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