N.M. Admin. Code § 17.5.410.18

Current through Register Vol. 35, No. 23, December 10, 2024

Section 17.5.410.18 - AMOUNTS OF AND ACCOUNTING FOR SECURITY DEPOSITS

Any deposit policy shall be as set forth in the utility's tariff on file with the commission pursuant to 17.1.210 NMAC, but shall conform to the following provisions.

A. A deposit for a residential customer shall not exceed an amount equivalent to one sixth (1/6) of that residential customer's estimated annual billings. A utility shall base its billing estimates for purposes of calculating a deposit upon the most recent available prior 12-month corresponding period at the same service location; or, if there is not a comparable period of service at the same service location, the deposit shall be based upon consumption of similar units in the same area.

B. Simple interest on deposits at a rate not less than the rate required by law shall accrue annually to the residential customer's credit for the time the deposit is held by the utility. The deposit shall cease to draw interest on the date it is returned, on the date service is terminated, or on the date the refund is sent to the residential customer's last known address.

C. Each residential customer who posts a security deposit shall receive in writing at the time of tender of deposit or with the first bill a receipt as evidence thereof. The receipt shall contain the following minimum information:

(1) name of residential customer;

(2) date of payment;

(3) amount of payment; and

(4) statement of the terms and conditions governing the payment, retention, interest, and return of deposits.

D. A utility shall provide means whereby a residential customer entitled to a return of deposit is not deprived of the deposit refund even though the residential customer may be unable to produce the original receipt for the deposit, provided the residential customer can produce adequate identification to insure that the residential customer is entitled to a refund of the deposit.

N.M. Admin. Code § 17.5.410.18

17.5.410.18 NMAC - Rp, 17.5.410.18 NMAC, 7-1-11; A, 3-29-13