The bill amends the law regarding certificates of deposit by requiring financial institutions to renew certain certificates at the highest interest rate available that is closest to the rate of the previous certificate. Specifically, if a certificate holder does not provide instructions for renewal, the financial institution must renew the certificate at the highest fixed interest rate that aligns with the term of the previous certificate and for the same duration.

This new provision, designated as section 23-32-211, aims to protect consumers by ensuring they receive the best possible interest rate upon renewal of their certificates of deposit, thereby enhancing their financial returns. The bill does not delete any existing legal language but introduces these new requirements to improve the renewal process for certificate holders.