TRENTON, N.J.–New Jersey is the latest state to get closer to allowing prize-linked savings accounts.
Legislation sponsored in this state by Herb Conaway (D-7), Troy Singleton (D-7), Tim Eustace (D-38), and Craig Coughlin (D-19 was unanimously approved by the Assembly Financial Institutions & Insurance Committee. The Senate Commerce Committee unanimously approved its version (S- 2495) of the bill sponsored by Senators Richard Codey (D-27) and Ronald Rice (D-28) on March 9. The measures now head to floor votes in their respective houses of the Legislature.
Legislation to allow federally chartered financial instructions to offer prize-linked accounts was signed into law by President Obama in December. The bill also clarifies that a savings promotion conducted as a result of the bill's provisions does not constitute unlawful gambling under the laws of the state and is not subject to any laws concerning legalized games of chance presently in statute.