Browse Arkansas Code titles and sections
23-4-206. Interest on deposits.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-4-206. Interest on deposits.
(a) Whenever any person, company, or corporation furnishing patrons or consumers with power, gas, water, electricity, or telephone service shall require a deposit from the consumer before the utility will be supplied to him or her or before a meter will be installed by the person, company, or corporation, then, in every case, the person putting up the deposit, when the deposit is taken down or meter removed, shall receive interest on the deposit until it is returned to the patron or consumer, provided all bills due for service furnished have been paid by the patron or consumer.
(b)(1) The interest paid on any deposit shall be computed using simple interest, applying such annual rates as the commission shall determine from year to year.
(2) The annual interest rate applicable to deposits shall be determined annually by the Arkansas Public Service Commission following notice and hearing. Each year, the commission shall enter its order setting the annual rate of interest no later than December 31 for the following year. The new annual rate shall become effective January 1 of the following year and shall remain in effect for the remainder of the calendar year, or until such later time as the commission shall enter its order establishing a new rate.
(3) The annual rate of interest set by the commission for any year shall not be more than ten percent (10%).
(c) This section shall not apply to cities or towns of a population of less than three thousand (3,000) persons that have granted franchises for electric current for lighting and other purposes furnished by manufacturing establishments not solely engaged in the manufacture of electric current for lighting and other purposes.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-4-206
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:23-4-206
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: e8c5ee9bdd6718fdcbe773e6001710c6ece1cd524be0273d2b92fb828863423d
Source location: content.xml paragraph 3066
Stored source content
23-4-206. Interest on deposits.
(a) Whenever any person, company, or corporation furnishing patrons or consumers with power, gas, water, electricity, or telephone service shall require a deposit from the consumer before the utility will be supplied to him or her or before a meter will be installed by the person, company, or corporation, then, in every case, the person putting up the deposit, when the deposit is taken down or meter removed, shall receive interest on the deposit until it is returned to the patron or consumer, provided all bills due for service furnished have been paid by the patron or consumer.
(b)(1) The interest paid on any deposit shall be computed using simple interest, applying such annual rates as the commission shall determine from year to year.
(2) The annual interest rate applicable to deposits shall be determined annually by the Arkansas Public Service Commission following notice and hearing. Each year, the commission shall enter its order setting the annual rate of interest no later than December 31 for the following year. The new annual rate shall become effective January 1 of the following year and shall remain in effect for the remainder of the calendar year, or until such later time as the commission shall enter its order establishing a new rate.
(3) The annual rate of interest set by the commission for any year shall not be more than ten percent (10%).
(c) This section shall not apply to cities or towns of a population of less than three thousand (3,000) persons that have granted franchises for electric current for lighting and other purposes furnished by manufacturing establishments not solely engaged in the manufacture of electric current for lighting and other purposes.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
No explicit source connection was found. This does not mean there are no relevant authorities.