{"data":{"id":"us-ky/krs-367.393","jurisdiction":"us-ky","citation":"KRS 367.393","heading":"Certificates of deposit -- Renewal term and rate -- Violation and penalties.","body":"(1) As used in this section, \"financial institution\" means a bank, trust company, savings\nand loan association, or credit union authorized by law to do business in this state.\n(2) (a) A financial institution that issues a certificate of deposit that is subject to\nautomatic renewal at maturity shall, upon automatic renewal, renew the\ncertificate of deposit for a like term at the best available rate of interest as\nposted at the issuing financial institution for similarly issued certificates of\nlike term.\n(b) Any notice sent by the financial institution to the holder of a certificate of\ndeposit subject to automatic renewal prior to maturity which notifies the\nholder of the holder's options upon renewal shall disclose that if the certificate\nof deposit automatically renews it will be renewed for a like term at the best\navailable rate of interest as posted at the issuing financial institution for\nsimilarly issued certificates of like term.\n(3) (a) Any violation of this section shall be an unfair, false, misleading, and\ndeceptive act or practice in the conduct of trade or commerce in violation of\nKRS 367.170.\n(b) All of the remedies, powers, and duties provided for the Attorney General  in\nKRS 367.190 to 367.300, and all of the penalties provided in KRS 367.990,\npertaining to acts declared unlawful by KRS 367.170, shall apply to acts and\npractices declared unlawful in this section.","path":["KRS Chapter 367"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=34950","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:03Z","sha256":"78b04bf85e3ed94245e6d831e30f7dcd707a87b3e755680fc3f1e95f2a435367","source_id":"us-ky","stale":false,"prev":"us-ky/krs-367.390","next":"us-ky/krs-367.395"},"notice":"GroundRules: Original legal text. Not legal advice."}