C.M.R. 65, 407, ch. 870 - LATE PAYMENT CHARGES, INTEREST RATES TO BE PAID ON CUSTOMER DEPOSITS, AND CHARGES FOR RETURNED CHECKS

  1. § 407-870-1 - LATE PAYMENT CHARGE
  2. § 407-870-2 - INTEREST ON DEPOSITS
  3. § 407-870-3 - CHARGE FOR RETURNED PAYMENT
  4. § 407-870-4 - WAIVER

SUMMARY: This rule establishes the maximum interest rate that public utilities may charge customers on balances that remain unpaid for no less than twenty-five days from the postmark date of the customer's bill. This rule describes under what circumstances such late payment charges may be imposed. The rule also provides for a just and reasonable interest rate for customer deposits, and establishes the maximum fee that may be charged for checks returned for nonpayment. This rule does not affect any other arrangements that utilities may have with their customers that are subject to other laws, such as the Maine Consumer Credit Code

BASIS STATEMENT: The factual and policy basis for this Rule is set forth in the Commission's Order Amending Rule and Statement of Factual and Policy Basis, Docket No. 2024-00288, issued on February 19, 2025. Copies of this Statement and Order have been filed with this rule at the Office of the Secretary of State. Copies may also be obtained from the Administrative Director, Public Utilities Commission, 18 State House Station, Augusta Maine, 04333-0018.

Notes

C.M.R. 65, 407, ch. 870
EFFECTIVE DATE:
May 1, 1985 - as Ch. 87, filing 85-117
AMENDED:
June 24, 1986 - filing 86-227
August 2, 1989 - as Ch. 870, filing 89-304
AMENDED:
This rule was approved as to form and legality by the Attorney General on October 23, 1995. It was filed with the Secretary of State on October 23, 1995 (filing 95-408), and became effective on October 28, 1995.
EFFECTIVE DATE (ELECTRONIC CONVERSION):
May 4, 1996
NON-SUBSTANTIVE CHANGES:
March 26, 1999 - converted to MS Word
December 18, 2006 - restored language in Section 2(A)
AMENDED:
This rule was approved as to form and legality by the Attorney General on October 30, 2009. It was filed with the Secretary of State on November 2, 2009 (filing 2009-578) and became effective on November 7, 2009.
AMENDED:
This rule was approved as to form and legality by the Attorney General on May 30, 2014. It was filed with the Secretary of State on June 2, 2014 (filing 2014-114) and became effective on June 7, 2014.
AMENDED: This rule was approved as to form and legality by the Attorney General on May 16, 2022. It was filed with the Secretary of State on May 23, 2022 (filing 2022-095) and became effective on May 28, 2022.
AMENDED: This rule was approved as to form and legality by the Attorney General on March 12, 2025. It was filed with the Secretary of State on March 26, 2025 (filing 2025-037) and became effective on 3/31/2025 - filing 2025-037

STATUTORY AUTHORITY: 35-A M.R.S.A. §§101, 104, 111, 301, 304, and 705(3).

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