Gov. Dayton signs Prize-Linked Savings bill
Friday, May 15, 2015
ST. PAUL, Minn. – Today Gov. Mark Dayton signed into law H.F. 1127/S.F. 1043, a Minnesota Credit Union Network-sponsored bill that allows credit unions to offer prize-linked savings (PLS) accounts.
The bipartisan bill, authored by Rep. Jennifer Loon (R-Eden Prairie) and Sen. Vicki Jensen (DFL-Owatonna), encourages consumers to save by changing the savings experience and allowing them to feel the immediate rewards of prizes and incentives. PLS accounts essentially treat every deposit as a ticket in a drawing and offer savers the opportunity to win a larger prize with no risk of losing their savings.
Since 2009, credit unions in the United States offering PLS accounts have helped over 50,000 members save 94 million dollars, and the PLS bill was a key focus for the Minnesota Credit Union Network this legislative session. The House passed the bill on a 125-2 vote on April 30, and the Senate unanimously passed it on May 8.
“I want to express my appreciation and thank Gov. Dayton for signing this bill,” said Minnesota Credit Union Network President & CEO Mark Cummins. “It gives credit unions more options for helping their members save for the future, benefiting Minnesota families and communities alike.”
The Minnesota Credit Union Network is the statewide trade association that works to ensure the success, growth and vitality of Minnesota credit unions. With nearly $20 billion in assets, Minnesota credit unions are local, trusted financial cooperatives that serve more than 1.6 million members at 400+ branch locations around the state. As not-for-profit institutions, credit unions give back to the communities they serve. For more information, visit www.mncun.org.