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If a deposit for a term of one year or more, including a savings certificate and a certificate of
deposit, is automatically renewable by its own terms if not redeemed at a specified redemption
date, the financial corporation receiving the deposit shall give mailed written notice to the
owner or holder of the deposit not less than 30 days prior to the redemption date. The written
notice shall be sent to the last known address of the owner or holder as filed with the financial
corporation, shall state the date of the automatic renewal and shall state any penalty diminution of
interest or other consequences to the owner or holder arising out of the failure to redeem prior to
automatic renewal. In lieu of complying with the provisions of this section, a financial corporation
may comply with the requirements of the Federal Truth in Savings Act and regulations,
notwithstanding whether or not that act or those regulations apply to the deposit.
History: 1976 c 187 s 1; 1993 c 257 s 7