TRENTON, N.J. – A bill to permit prize-linked savings accounts at New Jersey’s credit unions and banks has passed the state Assembly on a 67-0 vote.
The bill had earlier passed the state Senate. It now goes to Gov. Chris Christie for his signature in order to become law.
The bill is similar to that already in place in several other states and is intended to provide incentives for depositors to open and maintain savings accounts by permitting financial institutions to conduct promotions in which a minimum deposit in an amount predetermined by the institution qualifies for a chance to win prizes.
Legislation to allow federally chartered financial institutions to offer prize-linked accounts was signed into law by President Obama last December.