§ 54-3-26. Retention of unclaimed capital credits by electric and telephone cooperatives -- Use of retained money -- Reporting requirements.

     Each electric and telephone cooperative shall:

(1) retain capital credits given to customers of electric and telephone cooperatives in this state that remain unclaimed for a period of three years after the end the year in which the credit is given;

(2) use the money retained solely to:

(a) assist low-income persons to pay their utility bills; and

(b) provide scholarships to local graduating high school seniors;

(3) establish guidelines based on factors such as income or special needs to determine persons who qualify; and

(4) submit copies annually to the Public Service Commission of:

(a) the cooperative's guidelines; and

(b) amounts and disposition of retained capital credits by individual recipients.

Enacted by Chapter 198, 1995 General Session