HF 359: Authorizing savings promotion drawings under specified conditions, and making penalties applicable

What it does

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. 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 14, 2021

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

Lobbying · 9 for, 3 against

For: CUNA Mutual Group; Coalition for Family and Children's Services in Iowa; Common Good Iowa; 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; Wells Fargo & Company

In plain words

1. January 14, 2021Filed in the House and sent to the State Government committee · as HSB 57
2. January 14, 2021House subcommittee named: Lundgren, Boden and Cohoon · as HSB 57
3. January 25, 2021Subcommittee recommended passing it · as HSB 57
4. February 2, 2021Filed in the House
5. February 2, 2021Approved by the House committee · as HSB 57
6. February 2, 2021Approved by the House committee, and given a new number: HF 359 · as HSB 57
7. April 15, 2021Sent to the House State Government committee