Bill: HB 471, 85(R) - 2017

Committee

House Investments & Financial Services

2nd Chamber Committee

Senate Business & Commerce

Vote Recommendation

Vote Recommendation Economic Freedom Property Rights Personal Responsibility Limited Government Individual Liberty
Yes Neutral Neutral Positive Positive Neutral

Author(s)

Eric Johnson

Sponsor(s)

Kelly Hancock

Bill Caption

Relating to permitting credit unions and other financial institutions to award prizes by lot to promote savings.

Fiscal Notes

No fiscal implication to the State is anticipated.

Bill Analysis

HB 471 is enabling legislation for HJR 37. This bill would allow credit unions and financial institutions to conduct savings promotion raffles to encourage Texans to open and use savings accounts. These institutions are not allowed to require consideration from their customers in order to participate in the raffle, but a certain amount of money deposited into an account may be needed to represent an entry into their savings promotion raffle. 

Vote Recommendation Notes

HB 471 upholds our principles of limited government, personal responsibility, and free markets by loosening regulation on the promotional activities credit unions and other financial institutions. The fact that the legislature even needs to act to allow this is a good indicator that Texas has far too much regulation governing things like lotteries, raffles, and gaming. We support HB 471.

Source URL (retrieved on 04/25/2024 05:04 PM): http://reports.texasaction.com/bill/85r/hb471?print_view=true