Indiana Code 12-20-16-3.5. Prepaid electric service
(b) As used in this section, “electric service provider” means a corporation organized under:
Terms Used In Indiana Code 12-20-16-3.5
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
- Trustee: A person or institution holding and administering property in trust.
(2) IC 23-17 that:
(A) is an electric cooperative; and
(B) has at least one (1) member that is a corporation organized under IC 8-1-13.
(c) As used in this section, “prepaid service” refers to a payment option offered by an electric service provider in which payments for electric usage are charged against a prepaid credit balance in a service account as electric service is rendered.
(d) As used in this section, “recipient” means a township assistance recipient.
(e) As used in this section, “service account” means a customer or member account with an electric service provider.
(f) Notwithstanding IC 12-20-20-1 or any other law, if the requirements of this section are met, a township trustee and an electric service provider may do the following:
(1) A township trustee may deposit township assistance funds into a service account to create a credit balance.
(2) An electric service provider may pay a recipient’s electric usage charges with the deposited township assistance funds as those electric usage charges are incurred. However, any personal funds that are present in the service account at the time the township assistance funds are deposited must be used to pay any electric usage charges first, before the use of township assistance funds.
(g) An electric service provider shall do the following:
(1) Hold any funds deposited under subsection (f)(1) in a fiduciary capacity for the township trustee. The township trustee is the beneficiary of any township assistance funds remaining:
(A) at the close of business:
(i) on the day that a service account is terminated; or
(ii) on the next business day, if the service account is terminated after the close of normal business hours; or
(B) at the close of business:
(i) on the day a request is received by the electric service provider from the township trustee for remittance of the funds; or
(ii) on the next business day, if the request for remittance occurs after the close of normal business hours.
(2) Remit any funds remaining in a service account or terminated service account not later than fifteen (15) business days after:
(A) the service account is terminated as set forth in subdivision (1)(A); or
(B) the electric service provider receives a request for remittance from the township trustee as set forth in subdivision (1)(B).
(h) For any month that:
(1) an electric service provider receives or expends township assistance funds provided by a township trustee; or
(2) a service account has a remaining balance of township assistance funds, including any balance of township assistance funds remaining in an individual service account for any prior months;
the electric service provider shall provide the township trustee with a monthly accounting statement not later than fifteen (15) business days following the last calendar day of the month. A monthly accounting statement must detail the receipt and expenditure of funds from service accounts during that month and any balances remaining in individual service accounts.
(i) This section may not be interpreted as requiring an electric service provider to:
(1) remit to a township trustee more funds than are available in a service account at the close of business on the day that:
(A) a service account is terminated as set forth in subsection (g)(1)(A); or
(B) the electric service provider receives a request for remittance as set forth in subsection (g)(1)(B); or
(2) maintain separate service accounts or account numbers for township assistance funds.
(j) The funds deposited into a service account may be used only to pay for a recipient’s electric usage, including any facility charges, and may not be used to pay administrative charges, equipment, maintenance, repair, disconnection fees, delinquent bills, or any other charge.
(k) If the electric service provider refunds charges paid from the service account, or repays any remaining credit balance in the service account, the refund or repayment shall be paid directly to the township trustee.
(l) During any calendar month, the township trustee may deposit township assistance funds in the service account only to the extent that the credit balance in the service account does not exceed the charges incurred by the recipient during the immediately preceding calendar month.
As added by P.L.134-2016, SEC.1. Amended by P.L.85-2017, SEC.64.