{"data":{"id":"us-ut/utah-code-54-3-26","jurisdiction":"us-ut","citation":"Utah Code § 54-3-26","heading":"Retention of unclaimed capital credits by electric and telephone cooperatives -- Use of retained money -- Reporting requirements.","body":"(1) As used in this section:\n(a) \"Cooperative\" means a:\n(i) distribution electrical cooperative, as defined in Section 54-2-1, that is incorporated in the state; or\n(ii) telephone cooperative, as defined in Section 54-2-1, that is incorporated in the state.\n(b) \"Unclaimed capital credit\" means a capital credit issued by a cooperative to the cooperative's customer that is unclaimed on the last day of the year three years after the year in which the credit was issued.\n(2) A cooperative shall retain an unclaimed capital credit.\n(3) A cooperative shall use the proceeds of a retained unclaimed capital credit to:\n(a) pay all or a portion of a low-income individual's utility bills;\n(b) provide scholarships to graduating high school seniors in the area where the cooperative provides service; or\n(c) provide financial assistance to, in the area where the cooperative provides service:\n(i) a school;\n(ii) a non-profit organization; or\n(iii) a community organization.\n(4) A cooperative shall establish criteria for recipients of the financial assistance described in this section that are based on:\n(a) a recipient's financial or other needs; and\n(b) the recipient community's interests.\n(5) A cooperative shall submit a report, before November 1 of each year, to the Public Service Commission that describes:\n(a) the amount of unclaimed capital credits retained by the cooperative;\n(b) the amount and recipients of financial assistance disbursed under this section; and\n(c) the criteria used by the cooperative to determine the recipients and amount of financial assistance disbursed under this section.","path":["Title 54 Public Utilities","Chapter 54-3 Duties of Public Utilities"],"source_url":"https://le.utah.gov/xcode/Title54/Chapter3/54-3-S26.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"7e9cbc5d5d911644cd4fa2e5c3faa231b348e4273186c974b914d13c3ef60431","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-54-3-24","next":"us-ut/utah-code-54-3-27"},"notice":"GroundRules: Original legal text. Not legal advice."}