Removing Barriers Blog

Prize-Linked Savings Legislation Enacted in Massachusetts
Posted October 20, 2016 by CUNA Advocacy

Massachusetts recently became the 22nd state to authorize prize-linked savings (PLS) programs. With the enaction of S 2375, Massachusetts credit unions and banks can conduct the savings promotions in which a minimum deposit in an amount predetermined by the financial institution qualifies for a chance to win prizes. The Cooperative Credit Union Association was supportive of the measure as it creates a product offering for credit unions and encourages sound financial practices for members’ savings accounts

In addition to Massachusetts, PLS bills were in enacted in Arizona, Kansas, Missouri, New Jersey and South Carolina this session.