Michigan Compiled Laws — GUARANTY DEPOSITS (Act 347 of 1921)

Michigan · statute · 347 of 1921, Mich. Comp. Laws · 2 active provisions

Guaranty deposit; approval of terms and conditions.

A public utility regulated by the Michigan public service commission may require a ratepayer to pay a deposit as a guaranty for the payment of the utility's services. In the absence of specific rules adopted by the commission, the terms and conditions for a guaranty deposit required by a utility must be approved by the…

MichiganGUARANTY DEPOSITSeffective

Mich. Comp. Laws § 460.652

Rules.

The Michigan public service commission may prescribe by rule all of the following: (a) The circumstances under which a utility may require a guaranty deposit. (b) The amount of the guaranty deposit. (c) The interest rate payable on the guaranty deposit. (d) The method by which the utility will pay interest on the guara…

MichiganGUARANTY DEPOSITSeffective