Or. Admin. R. 860-021-0210 - Interest on Deposits for Residential and Nonresidential Utility Service
(1) Each year, the
Commission shall establish an annual interest rate that must be paid on
customer deposits. The Commission will base the rate upon consideration of the
effective interest rate for new issues of one-year Treasury Bills issued during
the last week of October, the interest rate on the most recent issuance of
one-year Treasury Bills, or the effective interest rate for the average yield
of Treasury Bills of the closest term issued during the last week of October.
This interest rate, rounded to the nearest one-half of one percent, shall apply
to deposits held during January 1 through December 31 of the subsequent year.
The Commission will advise all energy and large telecommunications utilities of
the changes in the rate to be paid on customer deposits held as
needed.
(2) Upon payment of a
deposit, the energy or large telecommunications utility shall provide the
customer documentation showing the date, name of the applicant or customer, the
service address, the amount of deposit, a statement that the deposit will
accrue interest at the rate prescribed by the Commission, and an explanation of
the conditions under which the deposit will be refunded.
(3) If the deposit is held beyond one year,
accrued interest will be paid by a credit to the customer's account. If held
less than one year, interest will be prorated. An energy or large
telecommunications utility shall keep a detailed record of each deposit
received until the deposit is credited or refunded.
Notes
Stat. Auth.: ORS 183, 756, 757, 759 & Ch. 290, OL 1987
Stats. Implemented: ORS 756.040 & Ch. 290, OR Laws 1987
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