The bill amends the law regarding certificates of deposit by introducing a requirement for financial institutions to renew certain certificates of deposit under specific conditions. It mandates that if a certificate holder does not provide instructions for renewal, the financial institution must renew the certificate at the highest fixed interest rate that is closest to the rate of the previous certificate and for the same term as the previous certificate.

This new provision aims to protect consumers by ensuring they receive the best possible interest rate available at the time of renewal, thereby enhancing the benefits of their investment in certificates of deposit. The addition of this section to the Arkansas Code emphasizes the importance of consumer rights in financial transactions and aims to promote transparency and fairness in the renewal process.