Delaware House Bill 226 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Engrossed on March 24 2016 - 50% progression, died in chamber
Action: 2016-05-18 - Reported Out of Committee (BANKING AND BUSINESS) in Senate with 4 On Its Merits
Text: Latest bill text (Draft #1) [HTML]

This Bill authorizes the use of “prize-linked” savings accounts in the State of Delaware. These accounts have been used in a number of countries and several U.S. states to promote savings, especially among persons with low-income and first time savers. A deposit into the program makes the entrant eligible for a prize. The principal in the account remains untouched. The first large-scale program of this nature in the U.S. was launched in Michigan about 6 years ago, and the program has subsequently expanded to Nebraska, North Carolina and Washington. At the end of 2014, federal legislation was passed allowing federally charted banks and credit unions to offer this type of savings account in any state that does not prohibit it. This bill explicitly authorizes such programs in Delaware and clarifies that such programs do not constitute prohibited gambling or lottery practices.

An Act To Amend Titles 5 And 11 Of The Delaware Code Relating To Prize-linked Savings Programs.

Rep. Sean Matthews [D]	Sen. Catherine Cloutier [R]	Rep. Paul Baumbach [D]	Rep. Ruth Briggs King [R]
Rep. Ruth Briggs King [R]	Rep. William Carson [D]	Rep. Ronald Gray [R]	Rep. Quinton Johnson [D]
Rep. John Kowalko [D]	Rep. John Mitchell [D]	Sen. Colin Bonini [R]	Sen. Brian Bushweller [D]
Sen. Gerald Hocker [R]	Sen. Gregory Lavelle [R]	Sen. Robert Marshall [D]	Sen. Bryant Richardson [R]

Date	Chamber	Action
2016-05-18	Senate	Reported Out of Committee (BANKING AND BUSINESS) in Senate with 4 On Its Merits
2016-03-30	Senate	Assigned to Banking and Business Committee in Senate
2016-03-24	House	Passed by House of Representatives. Votes: Passed 37 YES 0 NO 0 NOT VOTING 4 ABSENT 0 VACANT
2016-01-13	House	Reported Out of Committee (ECONOMIC DEVELOPMENT/BANKING/INSURANCE/COMMERCE) in House with 4 Favorable, 6 On Its Merits
2015-12-10	House	Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House

Type	Source
Summary	http://legis.delaware.gov/LIS/lis148.nsf/2bede841c6272c888025698400433a04/c37817519ff6da0f85257e61007cfbc6?OpenDocument
Text	http://legis.delaware.gov/LIS/lis148.nsf/vwLegislation/HB+226/$file/legis.html?open