04RS SB225


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SB 225 (BR 2191) - E. Worley

     AN ACT relating to certificates of deposit.
     Create a new section of KRS Chapter 367 to provide that a financial institution that issues a certificate of deposit that is subject to automatic renewal at maturity shall, upon automatic renewal, renew at the best available rate of interest; require any notice of options at renewal sent to the holder of such a certificate of deposit to disclose that any automatic renewal will be at the best available rate; provide that violation of this section is an unfair, false, misleading, and deceptive act or practice in the conduct of trade or commerce in violation of KRS 367.170.


     SCA (1, R. Palmer II) - Require that automatic renewal of the certificate of deposit be for a like term and the rate of interest be the same as posted at the issuing financial institution for similarly issued certificates of like term.

     Feb 24-introduced in Senate
     Feb 27-to Banking and Insurance (S)
     Mar 17-reported favorably, 1st reading, to Consent Calendar with committee amendment (1)
     Mar 18-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Friday, March 19, 2004
     Mar 19-3rd reading, passed 34-0 with committee amendment (1)
     Mar 22-received in House
     Mar 23-to Banking and Insurance (H); posting waived
     Mar 24-posted in committee; reported favorably, 1st reading, to Calendar
     Mar 25-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Friday, March 26, 2004
     Mar 26-3rd reading, passed 91-0; received in Senate; enrolled, signed by each presiding officer; delivered to Governor
     Apr 7-signed by Governor (Acts ch. 80)

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