North Carolina has now formally enacted a savings raffle billenabling credit unions to start sweepstakes to some of theirsavings programs.

“We're just working with the governor's office to schedule abill signing ceremony in the next few days,” said Lauren Whaley,director of legislative & regulatory affairs for the NorthCarolina Credit Union League.

Gov. Beverly Perdue has until June 18 to sign theindustry-backed bill which unanimously cleared both houses of thelegislature.

The bill, similar to measures which have been enacted earlierthis year in Nebraska and Washington State, allow CUs to offer thesweepstakes-type savings account programs tied to monthly rafflesand grand prize drawings. The bill takes effect Oct. 1 with CUsexpected to launch startups early in 2012.

Whaley said 10 North Carolina CUs have now signed to begin pilotprograms on “Save to Win” which was first introduced in 2009 by theMichigan Credit Union League. Nine CUs debuted the program in thatstate and “we hope to sign up at least that number and more in thecoming weeks,” said Whaley.

More details on the North Carolina program are to be unveiled byleague officials next week in Pinehurst during the trade group'sannual conference..

“We are absolutely thrilled that we were able to win lawmakersupport on a bill which will help our credit unions offer a productincenting savings and benefitting consumers,” concluded Whaley.