State Representative Leslie Love (D-Detroit) spoke today on a bill she introduced in October of 2015, which passed the House of Representatives in December and is now awaiting a hearing in the Senate Committee on Banking and Financial Institutions. The bill, House Bill 5022, was part of a legislative package focused on altering various credit union regulations across the state.

“This package of bills will ultimately allow credit unions to better serve their members,” said Rep. Love. “They’re a necessary step in offering consumers both more options, and more protection.”

HB 5022 would amend the Credit Union Act to allow for loan promotion raffles. Currently, state chartered credit unions have the option of offering savings promotion raffles, but HB 5022 would expand this offering to include loan raffles as well. This would allow credit unions to offer either cash, or payments toward already existing loans, as a prize for a raffle winner.

“Ultimately, this package of bills is going to make it easier for credit unions to expand benefits to their members, strengthening them in the process,” said Rep. Love. “I look forward to working with my colleagues in the Senate to see that this package of bills is passed quickly by both the committee and the Senate.”