2013 Kentucky Revised Statutes
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367.393 Certificates of deposit -- Renewal term and rate -- Violation and
As used in this section, "financial institution" means a bank, trust company,
savings and loan association, or credit union authorized by law to do business
in this state.
(a) A financial institution that issues a certificate of deposit that is subject to
automatic renewal at maturity shall, upon automatic renewal, renew the
certificate of deposit for a like term at the best available rate of interest as
posted at the issuing financial institution for similarly issued certificates of
(b) Any notice sent by the financial institution to the holder of a certificate of
deposit subject to automatic renewal prior to maturity which notifies the
holder of the holder's options upon renewal shall disclose that if the
certificate of deposit automatically renews it will be renewed for a like
term at the best available rate of interest as posted at the issuing financial
institution for similarly issued certificates of like term.
(a) Any violation of this section shall be an unfair, false, misleading, and
deceptive act or practice in the conduct of trade or commerce in violation
of KRS 367.170.
(b) All of the remedies, powers, and duties provided for the Attorney General
in KRS 367.190 to 367.300, and all of the penalties provided in KRS
367.990, pertaining to acts declared unlawful by KRS 367.170, shall apply
to acts and practices declared unlawful in this section.
Effective:July 13, 2004
History: Created 2004 Ky. Acts ch. 80, sec. 1, effective July 13, 2004.
CHAPTER 367 - CONSUMER PROTECTION
367.393 Certificates of deposit -- Renewal term and rate -- Violation and penalties.
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