Skip to main content
Find a Lawyer

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

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) As used in this section:

(a) “Cooperative” means a:

(i) distribution electrical cooperative, as defined in Section 54-2-1, that is incorporated in the state; or

(ii) telephone cooperative, as defined in Section 54-2-1, that is incorporated in the state.

(b) “Unclaimed capital credit” means a capital credit issued by a cooperative to the cooperative's customer that is unclaimed on the last day of the year three years after the year in which the credit was issued.

(2) A cooperative shall retain an unclaimed capital credit.

(3) A cooperative shall use the proceeds of a retained unclaimed capital credit to:

(a) pay all or a portion of a low-income individual's utility bills;

(b) provide scholarships to graduating high school seniors in the area where the cooperative provides service; or

(c) provide financial assistance to, in the area where the cooperative provides service:

(i) a school;

(ii) a non-profit organization; or

(iii) a community organization.

(4) A cooperative shall establish criteria for recipients of the financial assistance described in this section that are based on:

(a) a recipient's financial or other needs; and

(b) the recipient community's interests.

(5) A cooperative shall submit a report, before November 1 of each year, to the Public Service Commission that describes:

(a) the amount of unclaimed capital credits retained by the cooperative;

(b) the amount and recipients of financial assistance disbursed under this section; and

(c) the criteria used by the cooperative to determine the recipients and amount of financial assistance disbursed under this section.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Utah Code Title 54. Public Utilities § 54-3-26. Retention of unclaimed capital credits by electric and telephone cooperatives--Use of retained money--Reporting requirements - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-54-public-utilities/ut-code-sect-54-3-26/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard