Mark Cummins, Minnesota CU Network
ST. PAUL, Minn.—A bill that allows credit unions in this state to offer prize-linked savings (PLS) accounts passed the Minnesota Senate on a unanimous vote.
The bill, H.F. 1127/S.F. 1043, is authored by Sen. Vicki Jensen (DFL-Owatonna) and sponsored by the Minnesota Credit Union Network.
Since 2009, credit unions in the United States offering PLS accounts have helped over 50,000 members save $94 million, the league reported.
“On behalf of Minnesota credit unions and their members, we would like to thank the Minnesota Senate for passing this bill,” said league President and CEO Mark Cummins. “Prize-linked savings accounts will help individuals and families all across Minnesota build a stronger financial foundation.”
The network said the PLS bill was a key focus for the league this legislative session. The House passed the bill, authored by Rep. Jennifer Loon (R-Eden Prairie), on a 125-2 vote on April 30. The legislation now goes to Gov. Mark Dayton for his approval.