KRS 367.393: Certificates of deposit -- Renewal term and rate -- Violation and penalties.

(1) 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.

(2) (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

like term.

(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.

(3) (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.