TRENTON, N.J.–Legislation that would allow New Jersey-based, state-chartered financial institutions to offer prize-linked savings accounts has been unanimously approved by the state Senate’s Commerce Committee.
The legislation, which has the backing of the New Jersey league, is similar to that passed in numerous other states, as well as federal legislation that grants the same powers. It now heads to the full Senate for consideration.
A companion measure (A-3868) is pending consideration in the Assembly Financial Institutions & Insurance Committee, the New Jersey league said.