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CU System
Nebraska gov. approves savings promotion raffle bill
LINCOLN, Neb. (4/27/11)--Nebraska Gov. Dave Heineman Tuesday approved a bill that would amend Nebraska Revised Statutes to allow the state's credit unions to conduct savings promotion raffles to provide members an incentive to save by offering a chance to win a prize or prizes. LB 524 was introduced by State Sen. Amanda McGill (LD-26) of Lincoln and passed by the Legislature April 20. It will go into effect in September. "The governor's approval of LB 524 means that Nebraska's 425,000 credit union members will have a fun and innovative way in which they can save money for their future," said Scott Sullivan, president/CEO of the Nebraska Credit Union League. "It's a win-win for members because they not only have a chance to win one or more prizes, but more important, they will have personal savings that has accumulated over time when it's all said and done," he added. "Credit unions focus their efforts on improving the financial lives of their member owners and LB 524 will serve as another tool to help in that effort," Sullivan said, adding, "We believe that LB 524 will incentivize folks to save who have never saved before and will lead to a habit of saving." The league will work with participating credit unions to roll out a program in 20-12. Other states with laws that allow for savings promotion raffles include Washington, Michigan, Rhode Island and Maine.


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