State legislature to consider bill incentivizing savings

By Chris Swick
March 02, 2016

The Kansas Legislature is getting ready to reconvene today in Topeka following the Turnaround break, with a number of bills having been considered in a short amount of time by both the house and senate.

One bill sponsored by 35thDistrict Senator Rick Wilborn would allow banks to offer prize-link savings accounts.

“This legislation would incentivize individuals to save for the future by entering them into a drawing every time they make a deposit over a predetermined threshold,” Wilborn said. “It's up to the bank whether they choose to do it or not. Some banks will really like it and it will fit their niche, some won't.”

Wilborn says his bill was made possible by a federal bill that was sponsored by U.S. Senator Jerry Moran.

“It led to an effort to give state's the authority to authorize these types of accounts,” Wilborn said.

The bill did pass through the Senate on Turnaround Day without a single dissenting vote and was sent onto the House for consideration.