Pennsylvania Gov. Tom Wolf signed HB 331 Monday. The legislation would permit credit unions to conduct “savings promotion raffles” (prize-linked savings or PLS) and included language that would protect financial institutions from providing services to cannabis businesses.
"I want to applaud the PA General Assembly, Rep. Rosemary Brown and Sens. John DiSanto and Sharif Street for the quick passage of HB 331,” said Patrick C. Conway, CrossState president/CEO. “This legislation will expand credit unions' ability to improve the financial well-being of their members while protecting credit unions in servicing legitimate cannabis-based businesses."
PLS accounts enable the chance of winning a specific amount of money deposited into a savings account program or certificate of deposit. This encourages people to save money and have the funds held in a financial institution risk-free.
Language in HB 331 authorizes, but does not require, financial institutions and insurers to provide services to state-legal cannabis businesses. The bill also protects against state penalties for credit unions and insurers that service the industry.
HB 331 moves into consideration for Governor Wolf.