Opinion No.

The Honorable Bill J. Ford Bank Commissioner, Arkansas State Bank Dept. Suite 500, Tower Building 323 Center Street Little Rock, AR 72201-2613

Dear Mr. Ford:

This is in response to your request for an opinion regarding the legality of the "Election Day CD" offered by First National Bank of Hot Springs, Hot Springs National Park, Arkansas. Your specific question is restated as follows:

Is the rate to be paid on the certificate of deposit, which may vary depending upon the final results of the presidential election, in violation of the state's criminal code; more particularly, does this instrument…