Removing Barriers Blog

Prize-Linked Savings Vetoed in Texas
Posted June 23,2015 by CUNA Advocacy

Over the weekend, Texas Governor Greg Abbott vetoed H 1628, which would have permitted credit unions and other financial institutions to offer prize-linked savings (PLS) programs. Governor Abbott said in his veto statement that the “Texas Constitution authorizes raffles to be conducted only for charitable purposes” and that an amendment to the state’s constitution is required to grant PLS authority. PLS legislation has been enacted in Arkansas, Minnesota, Oregon and Virginia this legislative session.