ST. PAUL, Minn.—Minnesota Gov. Mark Dayton has signed into law H.F. 1127/S.F. 1043, which allows credit unions to offer prize-linked savings (PLS) accounts.
The bipartisan bill, which had the backing of the Minnesota Credit Union Network, was authored by Rep. Jennifer Loon (R-Eden Prairie) and Sen. Vicki Jensen (DFL-Owatonna). The Prize-Linked Savings 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.
“I want to express my appreciation and thank Gov. Dayton for signing this bill,” said Minnesota Credit Union Network President and CEO Mark Cummins. “It gives credit unions more options for helping their members save for the future, benefiting Minnesota families and communities alike.”