DES MOINES, Iowa – The Iowa state Senate yesterday approved a bill that will allow credit unions and banks to offer savings lotteries, such as the one in Michigan that awarded one saver $100,000.
The bill now moves over to the Iowa House for its approval.
The measure would amend the state’s raffles laws by allowing credit unions or banks to offer up to $25,000 for a savings prize, or a prize up to $100,000 in partnership with other institutions.
Despite the allowance for banks, the bill is opposed by the Iowa Bankers Association which thinks it is a bad idea to mix gambling with banking.
Iowa is one of at least three states, including Washington and Nebraska, contemplating credit union lottery bills this year.
