Utility Deposit Interest Rate Announced

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Utility Deposit Interest Rate Announced

January 7, 2016

Minnesota law (Minn. Stat. 325E.02 (b)) requires that privately or publicly owned water, gas, telephone, cable television, electric light, heat or power companies (including municipal utilities) shall pay a specific interest rate on customer deposits. By December 15 of each year, the Commissioner of the Minnesota Department of Commerce is required to announce the interest rate for the next year.

The rate for 2016 is 0.5%

View the language of the statute.

View the MN Department of Commerce website page on this issue.