Maryland Banks and Credit Unions to Offer Prize-Linked Savings

On May 2nd, Maryland officially joined the list of states that allow Prize-Linked Savings with the signing of H.B. 786 by Governor O'Malley (see picture below). The new law permits both banks and credit unions to offer PLS products using sweepstakes rules. Maryland consumers will have access to this innovative savings product thanks to the hard work of sponsors Delegate John Olszewski Jr. and Senator Katherine Klausemeier, and the support of the National Conference of State Legislators. Click here for the full article in the Baltimore Sun.