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AR SB592

Bill

Official Source

Status

Introduced

3/31/2025

Primary Sponsor

David Wallace

Click for details

Origin

Senate

95th General Assembly (2025 Regular)

AI Summary

  • Financial institutions must renew certificates of deposit at the highest fixed interest rate closest to the rate of the previous CD's term when the certificate holder has not provided renewal instructions
  • Renewed CDs must maintain the same term or period of time as the previous certificate of deposit
  • Adds new section 23-32-211 to Arkansas Code Title 23, Chapter 32, Subchapter 2
  • Applies specifically to automatic renewals where the institution has received no direction from the account holder

Legislative Description

To Require A Financial Institution To Renew Certain Certificates Of Deposit At The Highest Interest Rate Closest To The Term Of The Previous Certificate Of Deposit And For The Same Term.

Last Action

Sine Die adjournment

5/5/2025

Committee Referrals

Insurance & Commerce3/31/2025

Full Bill Text

No bill text available