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Raffles’ aim would be to help more people save money

In an effort to increase savings, credit unions and banks may be allowed to offer raffle participation to their customers, a practice known as prize-linked savings.

Rep. Jenifer Loon (R-Eden Prairie) sponsors HF1227, which passed the House 125-2 Thursday. The bill now moves to the Senate with Sen. Vicki Jensen (DFL-Owatonna) as its sponsor.

“The concept is pretty simple,” Loon said. “Our savings institutions would be allowed to offer to folks when they put some money into their own savings account that their names would be put into drawings, and they could win something. It is a great way to promote savings.”


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