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History
- Vetoed memo.229
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.353
- Substituted for A7341
- Referred to banks
- Delivered to assembly
- Passed senateVote 62–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.769
Show 1 earlier action
- Referred to banks
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Permits the offering of savings promotion raffles by authorized banking organizations
Assembly Floor Calendar · Sponsor Annette Robinson
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5145
Title of bill
An act to amend the banking law, in relation to authorizing credit unions to conduct savings promotion prize giveaways
Purpose Or General Idea Of Bill:
To authorize banking organizations to establish Prize Linked Savings accounts to give incentives to customers to save money by giving them the opportunity to win promotional prizes.
Summary Of Specific Provisions:
Section adds a new § 9-V to the Banking Law to provide that banking organizations may conduct a savings promotion. This section defines the following terms:
1."Savings promotion"- means a contest or promotion sponsored by a banking organization in which a chance of winning designated prizes is obtained by the deposit of specified amount of money in a saving account, share account, share certificate, or other savings products or program;
2."Qualifying account" - means a savings account, share account, share certificate, or other savings product or program offered by a banking organization through which depositors may obtain chances to win prizes in a savings promotion by depositing specified sums of money;
3. "Non-qualifying account" - means a savings account, share account, certificate of deposit, or other savings product or program offered by a banking organization that is not a qualifying account.
Section 2: amends various sections of the Banking Law to authorize each banking organization to conduct a savings promotion.
Justification:
Prize-linked savings programs are accounts that provide the chance to win prizes simply by saving money. Programs like these have proven to be successful in several other states and countries, resulting in higher numbers of new savings accounts and larger amounts saved. By depositing the requisite minimal monthly amount, depositors are enrolled in the promotion and are given the chance to win designated prizes by their financial institution. This greatly benefits not only the individual, but local and State economies as a whole.
Prior Legislative History:
This is new legislation.
Fiscal Implications For State And Local Governments:
None to the State.
Effective Date:
This act will take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.