An Act to Address Abandoned Capital Credits Held by Rural Electrification Cooperatives
Maine Legislature, Session 131, LD 2013
Amends: 33 MRSA §2061, 35-A MRSA §3503

Legislative Document
No. 2013
S.P. 835
In Senate, June 22, 2023
An Act to Address Abandoned Capital Credits Held by Rural 
Electrification Cooperatives
Reported by Senator LAWRENCE of York for the Joint Standing Committee on Energy, 
Utilities and Technology pursuant to the Maine Revised Statutes, Title 35-A, section 1714, 
subsection 8.
DAREK M. GRANT
Secretary of the Senate
Be it enacted by the People of the State of Maine as follows:
Sec. 1.  33 MRSA §2061, sub-§12, as enacted by PL 2019, c. 498, §22, is amended 
to read:
12.  Deposit or refund owed by a utility.  A deposit or refund, other than an 
abandoned capital credit as defined in Title 35-A, section 3503, subsection 2, paragraph A, 
owed to a subscriber by a utility, one year after the deposit or refund becomes payable;
Sec. 2.  35-A MRSA §3503, sub-§2, as amended by PL 1999, c. 398, Pt. A, §87 
and affected by §§104 and 105, is repealed and the following enacted in its place:
2.  Definitions.  As used in this section, unless the context otherwise indicates, the 
following terms have the following meanings.
A.  "Abandoned capital credit" means a deposit or refund owed to a member of a rural 
electrification cooperative as defined in section 3703, subsection 2 that is unclaimed 
by the member one year after the deposit or refund becomes payable.
B. "Governing body" means the governing body of a consumer-owned transmission 
and distribution utility.
Sec. 3.  35-A MRSA §3503, sub-§7 is enacted to read:
7.  Abandoned capital credits.  Abandoned capital credits must be used to provide 
assistance to low-income households in accordance with section 3214.
SUMMARY
This bill provides that a deposit or refund owed to a member of a rural electrification 
cooperative that is unclaimed by the member one year after the deposit or refund becomes 
payable must be used to provide assistance to low-income households.
FISCAL NOTE REQUIRED
(See attached)
Approved: 06/21/23
LD 2013
LR 2580(01)
Fiscal Detail and Notes
Under this bill deposits or refunds owed to a member of a rural electrification cooperative, defined by the bill as 
abandoned capital credits, would no longer be transferred to the Unclaimed Property Fund (fund) administered by the 
State Treasurer. Money in this fund is transferred to the General Fund at the end of each fiscal year after an effort is 
made to find the rightful owner of the money. No longer transferring these credits to the fund will reduce General 
Fund revenue. Instead, this bill directs any abandoned capital credits that remain unclaimed one year after becoming 
payable be used to provide assistance to low-income households. Currently, the Public Utilities Commission 
coordinates with the Maine State Housing Authority (MSHA) to administer existing PUC low-income assistance 
programs. The PUC anticipates that any new revenues from abandoned capital credits will be transferred to the 
MSHA and expended within existing low-income assistance programs.
Fiscal Note Required: Yes
Fiscal Note
Current biennium revenue decrease - General Fund
Current biennium revenue increase - Other Special Revenue Funds 
An Act to Address Abandoned Capital Credits Held by Rural Electrification Cooperatives
Fiscal Note for Original Bill
Committee: Energy, Utilities and Technology
LR2580(01) - Fiscal Note - Page 1 of 1