Some Iowa credit unions have thrown their support behind legislation that would allow financial institutions to conduct savings promotion raffles in the Hawkeye state.
According to Iowa Senate File 490, a participant would deposit a stated amount of money into specified types of savings accounts in order to participate in the raffle. A savings promotion may only be conducted by financial institutions, which includes state or federally chartered credit unions and banks.
The bill defines a savings promotion raffle as a drawing conducted by one or a group of financial institutions in which the chance of winning a designated prize or prizes is obtained by the deposit of a specified amount of money in a savings account, time deposit or other savings program offered.
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