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No fiscal implication to the State is anticipated.
HB 1628 would establish the Texas Savings Promotion Act. This act would allow credit unions and financial institutions to conduct a savings promotion raffle. A saving promotion raffle would be a raffle used by a credit union or financial institution in which “a chance of winning a designated prize is the deposit of at least a specified amount of money in a savings account or other savings program.”
We support HB 1628 because it aligns with our free market principle, individual liberty principle, and limited government principle. Ultimately, private sector businesses and charities should not have to seek legislative approval to hold raffles. To the extent that they are required to seek legislative approval, it is liberty-enhancing to grant the approval. In the long run it would be best to get the state out of the raffle regulating business altogether.
The Senate chamber sponsor is Senator Rodríguez.