HARTFORD, Conn. The state’s House of Representatives passed legislation yesterday that would allow the state's credit unions to offer savings raffles or lotteries, which would make Connecticut the seventh state to allow savings contests.
The move comes as credit unions in three states, North Carolina, Nebraska and Washington have initiated their own “Save to Win” lotteries over the past year, modeled after the highly successful Michigan savings contest.
The Connecticut bill now moves to the Senate for further action.
Though the bill would allow credit unions or banks to offer savings lotteries like the other states, no banks have done so, yet.
The Connecticut bill would require participating credit union and community banks to disclose the terms and conditions of the raffle and maintain records that could be audited, if necessary. Only those financial institutions with secure finances, as determined by the state's banking commissioner, could offer raffles.
