Michigan Laws 460.652 – Rules
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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.
Terms Used In Michigan Laws 460.652
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
(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.