TOPEKA, Kan. – Senators Terry Bruce, Elaine Bowers, and Rick Wilborn introduced SB 387. If passed, it will allow banks and credit unions in Kansas to establish prize linked savings accounts. These savings accounts would be incentives for people to save money by entering them in a drawing every time they make a deposit over the bank or credit unions threshold.
United States Senator Jerry Moran (R-Kansas) helped with the passage of this legislation by lifting the federal ban on prize-linked savings accounts. States are now allowed to enact their own laws. Sixteen states currently allow these savings accounts and a total of 50,000 account holders have saved over $94 million nationwide.
Senate Majority Leader Terry Bruce (R-Nickerson) said, “I am proud to introduce this common sense legislation that encourages Kansans to increase their savings. SB 387 will help ensure families throughout the state increase their financial security. I look forward to working with my colleagues in the House and Senate to ensure the passage of SB 387.”
Senator Elaine Bowers (R-Concordia) said, “As a business owner I understand the importance of fiscal responsibility and long-term planning. SB 387 gives an incentive to Kansans so they can save for the future. I encourage my fellow legislators to support SB 387.”
Senator Rick Wilborn (R-McPherson) said, “This bill is a win-win for the citizens of our state. Kansans will be able to protect themselves from risk with these savings accounts and will be able to continue down the road of financial success. I thank Senator Moran for helming the passage of this at the federal level and will do my part to support this policy here in Kansas.”
Senator Jerry Moran said, “With higher personal savings, every American can have more financial security and a better quality of life. These benefits of savings offer our entire country a brighter economic future. Policies that encourage saving, even a little each month should be pursued. I am glad to see leaders in Kansas working to achieve this goal.”