HF 2329: Authorizing savings promotion drawings under specified conditions, and making penalties applicable

What it does

The inclusion of this explanation does not constitute agreement with the explanation’s substance by the members of the general assembly. This bill allows a financial institution or multiple financial institutions to conduct savings promotion drawings without a license under specified conditions. The bill defines “financial institution” to mean a state or federally chartered credit union or bank which is located in Iowa and which receives money for deposit. The bill defines “savings promotion drawing” to mean a drawing conducted by a financial institution or group of financial institutions in which a designated prize or prizes may be won by the deposit of a specified amount of money in a savings account, time deposit, or other savings program.

House subcommittee · named January 19, 2022

• Rep. Shannon Lundgren (R) · shannon.lundgren@legis.iowa.gov
• Rep. Brooke Boden (R) · brooke.boden@legis.iowa.gov
• Rep. Bruce Hunter (D)

Lobbying · 7 for, 2 against

For: CUNA Mutual Group; Iowa CareGivers; Iowa Coalition Against Domestic Violence; Iowa Credit Union League; Iowa Institute for Cooperatives; Iowa Primary Care Association; Veridian Credit Union

Against: Community Bankers of Iowa; Iowa Bankers Association

In plain words

1. January 19, 2022Filed in the House and sent to the State Government committee · as HSB 584
2. January 19, 2022House subcommittee named: Lundgren, Boden and Hunter · as HSB 584
3. January 26, 2022Subcommittee recommended passing it · as HSB 584
4. February 8, 2022Approved by the House committee · as HSB 584
5. February 8, 2022Approved by the House committee, and given a new number: HF 2329 · as HSB 584
6. February 10, 2022Filed in the House