Last week, the Alabama House of Representatives gave final approval to HB 355 by Rep. Merika Coleman allowing financial institutions in Alabama to offer Prize Linked Savings Accounts. HB 355 was passed by the Senate early in the week, but was amended in order to ensure the cash value of prizes was not too large and that a financial institution could not charge extraordinary fees on the accounts. Due to these amendments being added, HB 355 had to return to the House on Friday for a concurrence vote.
The League would like to thank Rep. Coleman, Sen. Shay Shelnutt, sponsor of the senate version, and all of the members of the Alabama Legislature for passing this legislation. HB 355 now goes to Gov. Kay Ivey for her signature. The LSCU Advocacy Team is working towards having the bill signed into law as soon as possible.