Bill Text: WV HB3231 | 2021 | Regular Session | Comm Sub
Bill Title: Public Utilities not required to pay interest on security deposits
Spectrum: Partisan Bill (Republican 2-0)
Status: (Engrossed - Dead) 2021-03-26 - To Judiciary [HB3231 Detail]
Download: West_Virginia-2021-HB3231-Comm_Sub.html
WEST virginia legislature
2021 regular session
Committee Substitute
for
House Bill 3231
By Delegates Conley and Riley
[Introduced March 16, 2021; referred to the Committee on the Judiciary]
A BILL to amend and reenact §24-3-8 of the Code of West Virginia, 1931, as amended, relating to public utility security deposits and interest thereon; prohibiting the charging of interest on security deposits held for up to eighteen months; and updating reference to prior law.
Be it enacted by the Legislature of West Virginia:
ARTICLE 3. DUTIES AND PRIVILEGES OF PUBLIC UTILITIES SUBJECT TO REGULATIONS OF COMMISSION.
§24-3-8. Deposits; interest.
(a) No public utility shall require any deposit of any
residential customer which shall exceed one twelfth of the estimated annual
charge to the customer for such service: Provided, That the provisions
of this section shall not apply to deposits received prior to the effective
date of this act March 12, 1983.
(b) Public utilities may collect and hold a security deposit in accordance with this statute and the rules established by the commission. No interest shall be payable on security deposits when a deposit is, no later than 30 days following the date of the end of the eighteenth month of service, either (1) applied as a credit to the customer’s account, or (2) returned or refunded to the customer by some other means.
NOTE: The purpose of this bill is to provide that public utilities not required to pay interest on security deposits held for up to eighteen months.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.
