GUARANTY DEPOSITS

MCL ch. 460, subtit. Act 347 of 1921

in effect

MCL 460.651 Guaranty deposit; approval of terms and conditions.

460.651. Guaranty deposit; approval of terms and conditions. Sec. 1. A public utility regulated by the Michigan public service commission may require a ratepayer to pay a deposit as a guaranty for the payment of the utility's services. In the absence of specific rules adopted by the commission, the terms and conditions for a guaranty deposit required by a utility must be approved by the commission. 1921, Act 347, Eff. Aug. 18, 1921; CL 1929, 11108; CL 1948, 460.651; Am. 1988, Act 168, Imd. Eff. June 17, 1988

MCL 460.652 Rules.

460.652. Rules. Sec. 2. The Michigan public service commission may prescribe by rule all of the following: (a) The circumstances under which a utility may require a guaranty deposit. (b) The amount of the guaranty deposit. (c) The interest rate payable on the guaranty deposit. (d) The method by which the utility will pay interest on the guaranty deposit to the ratepayer. (e) The circumstances under which the guaranty deposit must be returned to the ratepayer. 1921, Act 347, Eff. Aug. 18, 1921; CL 1929, 11109; CL 1948, 460.652; Am. 1988, Act 168, Imd. Eff. June 17, 1988

Source: Michigan Legislature (legislature.mi.gov)URL: https://legislature.mi.gov/documents/mcl/Chapter%20460.xmlFetched: 10/20/2026