Bill Text: WV HB3231 | 2022 | Regular Session | Comm Sub

NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Public Utilities not required to pay interest on security deposits

Spectrum: Partisan Bill (Republican 2-0)

Status: (Passed) 2022-04-19 - Chapter 253, Acts, Regular Session, 2022 [HB3231 Detail]

Download: West_Virginia-2022-HB3231-Comm_Sub.html

WEST virginia legislature

2022 regular session

Committee Substitute

for

House Bill 3231

By Delegates Conley and Riley

[Reported January 20, 2022; Originating in 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.

 

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