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.
SB 225 - AMENDMENTS
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)