General Assembly Substitute Bill No. 945
January Session, 2013 *_____SB00945ET____032213____*
General Assembly
Substitute Bill No. 945
January Session, 2013
*_____SB00945ET____032213____*
AN ACT CONCERNING THE PAYMENT OF SECURITY DEPOSITS TO MUNICIPAL UTILITIES FURNISHING ELECTRIC, GAS OR WATER SERVICE.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective from passage) On or before January 1, 2014, each municipal utility furnishing electric, gas or water service shall develop a security deposit plan for new and existing commercial and industrial customers that shall include, but not be limited to, requirements that such utility shall (1) accept an irrevocable letter of credit as an alternative to a cash security deposit when any such customer opens an account with such utility, and (2) if any such customer provides a cash security deposit when opening an account with such utility, accept an irrevocable letter of credit and refund such deposit, provided such customer made nondelinquent payments on such account for the previous seven years. A municipal utility furnishing electric, gas or water service that has an existing security deposit plan shall not be required to include in such plan any requirement of subdivision (1) or (2) of this section if such requirement is less favorable to the customer than a current requirement in such plan.
This act shall take effect as follows and shall amend the following sections:
Section 1 from passage New section
This act shall take effect as follows and shall amend the following sections:
Section 1
from passage
New section
Statement of Legislative Commissioners:
In subdivision (2), "on such account" was inserted for clarity.
ET Joint Favorable Subst.
ET
Joint Favorable Subst.