ST. PAUL, Minn. — Minnesota's Prize-Linked Savings Bill made another crucial step toward passage Thursday.
The PLS bill (H.F. 1127), sponsored by the Minnesota CU Network, passed 125-2 in the House yesterday. A Senate version of the bill is passed through the Senate Commerce Committee in early March, but has yet to be voted on by the full Senate.
The House bill allows CUs to offer PLS accounts that treat every deposit as a ticket in a drawing. With each pre-set dollar amount deposit in a participating FI (up to 10 per month) savers are entered into monthly and quarterly prize drawings.
"We thank the members of the Minnesota House of Representatives for their support of this bill," MnCUN President & CEO Mark Cummins said in a statement. "Prize-linked savings accounts will give credit unions additional opportunities to help their members build a stronger financial future."
Prize-Linked Savings have helped more than 50,000 credit union members save $94 million nationwide since 2009, and the PLS bill was a key focus for MnCUN during this legislative session.
