language to be deleted (2) new language
CHAPTER 121-S.F.No. 156 An act relating to consumer protection; regulating interest payments on utility deposits; amending Minnesota Statutes 1996, section 325E.02. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: Section 1. Minnesota Statutes 1996, section 325E.02, is amended to read: 325E.02 [CUSTOMER DEPOSITS.] Any customer deposit required before commencement of service by a privately or publicly owned water, gas, telephone, cable television, electric light, heat, or power company shall be subject to the following: (a) Upon termination of service with all bills paid, the deposit shall be returned to the customer within 45 days, less any deductions made in accordance with paragraph (c). (b) Interest shall be paid on deposits in excess of $20 at the rate of
sixnot less than three percent per year. The company may, at its option, pay the interest at intervals it chooses but at least annually, by direct payment, or as a credit on bills. (c) At the time the deposit is made the company shall furnish the customer with a written receipt specifying the conditions, if any, the deposit will be diminished upon return. (d) Advance payments or prepayments shall not be construed as being a deposit. Sec. 2. [EFFECTIVE DATE.] Section 1 applies to the calculation of interest on and after August 1, 1996, on deposits held or received on or after that date. Presented to the governor May 7, 1997 Signed by the governor May 8, 1997, 11:34 a.m.