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HF 1267

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 03/27/2003

Current Version - as introduced

  1.1                          A bill for an act 
  1.2             relating to utility regulation; amending the interest 
  1.3             utilities pay on consumer deposits; amending Minnesota 
  1.4             Statutes 2002, section 325E.02. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 2002, section 325E.02, is 
  1.7   amended to read: 
  1.8      325E.02 [CUSTOMER DEPOSITS.] 
  1.9      Any customer deposit required before commencement of 
  1.10  service by a privately or publicly owned water, gas, telephone, 
  1.11  cable television, electric light, heat, or power company shall 
  1.12  be subject to the following: 
  1.13     (a) Upon termination of service with all bills paid, the 
  1.14  deposit shall be returned to the customer within 45 days, less 
  1.15  any deductions made in accordance with paragraph (c).  
  1.16     (b) Interest shall be paid on deposits in excess of $20 at 
  1.17  the rate of not less than three percent per year determined by 
  1.18  the commissioner of commerce under paragraph (e).  The company 
  1.19  may, at its option, pay the interest at intervals it chooses but 
  1.20  at least annually, by direct payment, or as a credit on bills.  
  1.21     (c) At the time the deposit is made the company shall 
  1.22  furnish the customer with a written receipt specifying the 
  1.23  conditions, if any, the deposit will be diminished upon return.  
  1.24     (d) Advance payments or prepayments shall not be construed 
  1.25  as being a deposit.  
  2.1      (e) By December 15 of each year, the commissioner shall 
  2.2   publish the rate that a utility shall pay on customer deposits 
  2.3   for the following 12-month period from January 1 to December 
  2.4   31.  The rate is equal to the weekly average yield of one-year 
  2.5   United States Treasury securities adjusted for constant maturity 
  2.6   for the week ending on or after December 1, made available by 
  2.7   the Federal Reserve Board, rounded to the nearest tenth of one 
  2.8   percent.