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Senate debates prize-based savings incentives for banks; sponsor cites industry support
Utah State Senate · January 31, 2019
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Summary
Senate Bill 86 would allow banks and credit unions to offer prize-based incentives to encourage savings among low-income consumers; sponsor said industry groups support the measure and the Division of Financial Institutions has not opposed it on legal grounds.
Senate Bill 86, presented by Senator Fillmore, would permit financial institutions to run prize-based promotions to encourage individuals, particularly low-income residents, to open and maintain savings accounts.
Fillmore said savings rates are low at the low end of the income…
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