North Carolina has now formally enacted a savings raffle bill enabling credit unions to start sweepstakes to some of their savings programs.
“We’re just working with the governor’s office to schedule a bill signing ceremony in the next few days,” said Lauren Whaley, director of legislative & regulatory affairs for the North Carolina Credit Union League.
Gov. Beverly Perdue has until June 18 to sign the industry-backed bill which unanimously cleared both houses of the legislature.
The bill, similar to measures which have been enacted earlier this year in Nebraska and Washington State, allow CUs to offer the sweepstakes-type savings account programs tied to monthly raffles and grand prize drawings. The bill takes effect Oct. 1 with CUs expected to launch startups early in 2012.
Whaley said 10 North Carolina CUs have now signed to begin pilot programs on “Save to Win” which was first introduced in 2009 by the Michigan Credit Union League. Nine CUs debuted the program in that state and “we hope to sign up at least that number and more in the coming weeks,” said Whaley.
More details on the North Carolina program are to be unveiled by league officials next week in Pinehurst during the trade group’s annual conference..
“We are absolutely thrilled that we were able to win lawmaker support on a bill which will help our credit unions offer a product incenting savings and benefitting consumers,” concluded Whaley.