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. The rate of interest must be set
annually and be equal to the weekly average yield of one-year United States Treasury securities
adjusted for constant maturity for the last full week in November. The interest rate must be
rounded to the nearest tenth of one percent. By December 15 of each year, the commissioner of
commerce shall announce the rate of interest that must be paid on all deposits held during all or
part of the subsequent 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.
History: 1974 c 424 s 1; 1997 c 121 s 1; 2004 c 261 art 2 s 2