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News Now

CU System
Prize-linked savings bill still alive in Ore.
BEAVERTON, Ore. (2/27/14)--The Oregon legislature is nearing the end of its four-week session, and credit unions are keeping their eye on two pieces of legislation.
 
House Bill 4079 addresses the creation of prize-linked savings accounts in the state. It would direct the Oregon State Lottery commission to form a work group to study and make recommendations regarding the feasibility of such accounts under its authority.
 
Oregon's neighbor Washington allows all financial institutions to offer prize-linked savings programs as do Maine and Maryland. Nebraska, North Carolina and Rhode Island programs are limited to credit unions.
 
HB 4079 passed out of committee and was referred to the Ways and Means Committee. Any official work group established by the state has to be funded, the Northwest Credit Union Association (NWCUA) noted, and that puts the bill at risk (Anthem Feb. 25).
 
NWCUA submitted testimony in favor of the bill earlier this month.
 
The failure to provide notice of a foreclosure sale would become an unlawful trade practice under House Bill 4103.  Mechanic and towing liens are currently being foreclosed without notice to the lien holder and/or the party with security interest in the vehicle.
 
The bill passed the House and was heard in the Senate Judiciary Committee, where amendments are being considered.
 
NWCUA wants the final bill to:
  • Give credit unions a legal claim against the lien claimant--for example, a repair shop--if the lien claimant doesn't give notice of the sale to the credit union;
     
  • Include attorney's fees as part of the claim that credit unions can make for not giving notice; and
     
  • Require the lien claimant to provide details about the amount of the lien as part of the notice process.


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