Ensures energy services companies are subject to the same consumer protection regulations regarding unclaimed deposits and refunds currently facing utility companies

More protection for unclaimed energy customer money

Beginning July 1 following enactment, New York extends utility unclaimed-money protections to energy services companies. Covered companies are eligible to sell energy to customers through a utility’s transmission or distribution system. Customer deposits, including interest, and advance payments for services not provided become abandoned after two years unclaimed following service termination. Ordered refunds of excess or increased rates become abandoned after two years unclaimed from the date payment is due. Money stops being abandoned when the company accepts proof that someone is entitled to it. Companies must publish an annual notice by September 1 and file proof of publication by September 10. They must keep detailed reports open for public inspection at their main office or place of business. Reports identify customers, last known addresses, amounts, relevant dates, and interest where required, with names alphabetized within state-required groups. By October 10, companies must send money deemed abandoned as of the preceding July 1 to the State Comptroller, with a detailed report.