Savings promotion bill approved

Lawmakers gave final approval April 20 to a bill that allows Nebraska credit unions to conduct a savings promotion raffle.

Under LB524, introduced by Lincoln Sen. Amanda McGill, Nebraska credit unions are authorized to conduct a savings promotion raffle – a contest in which depositing a specific amount of money into a savings account or program earns an individual a chance to win a designated prize.

Each entry must have an equal chance of winning and raffle terms and conditions must be disclosed to participants. Credit union employees are prohibited from participating and credit unions may limit the number of chances to win a prize but not the number of deposits.

LB524 passed on a 45-0 vote.