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

Utah Statutes

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

Utah § 54-3-26

Title 54Public Utilities

Ch. 54-3Duties of Public Utilities

This text of Utah § 54-3-26 (Retention of unclaimed capital credits by electric and telephone cooperatives -- Use of retained money -- Reporting requirements.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 54-3-26 (2026).

Text

(1)As used in this section:

(1)(a) "Cooperative" means a:

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

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

(1)(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:

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

(3)(b) provide scholarships to graduating high school seniors in the area where the cooperati

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(1) As used in this section:

(1)(a) "Cooperative" means a:
(1)(a)(i) distribution electrical cooperative, as defined in Section 54-2-1, that is incorporated in the state; or
(1)(a)(ii) telephone cooperative, as defined in Section 54-2-1, that is incorporated in the state.
(1)(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:

(3)(a) pay all or a portion of a low-income individual's utility bills;
(3)(b) provide scholarships to graduating high school seniors in the area where the cooperative provides service; or
(3)(c) provide financial assistance to, in the area where the cooperative provides service:
(3)(c)(i) a school;
(3)(c)(ii) a non-profit organization; or
(3)(c)(iii) a community organization.
(4) A cooperative shall establish criteria for recipients of the financial assistance described in this section that are based on:

(4)(a) a recipient's financial or other needs; and
(4)(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:

(5)(a) the amount of unclaimed capital credits retained by the cooperative;
(5)(b) the amount and recipients of financial assistance disbursed under this section; and
(5)(c) the criteria used by the cooperative to determine the recipients and amount of financial assistance disbursed under this section.