Enrolled Bill Summary

House Bill 471	House Author:  Johnson, Eric
Effective:  See below	Senate Sponsor:  Hancock et al.

            House Bill 471 establishes the Texas Savings Promotion Act by amending the Business & Commerce Code, Finance Code, Occupations Code, and Penal Code to provide for savings promotion raffles conducted by a credit union or a financial institution and to establish requirements for the conduct of such raffles. The bill exempts a savings promotion raffle authorized under the Texas Savings Promotion Act from the Charitable Raffle Enabling Act and state laws relating to gambling and sweepstakes.

House Bill 471 takes effect the date on which the constitutional amendment relating to legislative authority to permit credit unions and other financial institutions to award prizes by lot to promote savings takes effect, if approved by the voters.