What's happening
This bill requires all gas and electric corporations to file annual reports with the Public Service Commission regardless of other rules.
Why it matters
Closes loopholes for gas and electric companies. By making it explicit that annual reporting is required "notwithstanding any other rule, regulation, or order," the bill ensures that all such corporations must file annual reports, regardless of previous exemptions or conflicting regulations.
Strengthens transparency and regulatory oversight. With mandatory, detailed annual reports, the Public Service Commission will have more comprehensive and consistent data to monitor the financial and operational health of gas and electric corporations, potentially leading to better consumer protection and accountability.
Increases potential penalties for non-compliance. The law maintains (and clarifies the application of) monetary penalties for companies that fail to file or correct reports in a timely manner, which may incentivize more prompt and accurate reporting.
Clarifies reporting procedures and authority. By emphasizing the Commission's ability to require additional information and set forms and deadlines, the bill reinforces state regulatory authority and could make it easier to adapt reporting requirements as industry practices evolve.
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Who cares
Headline styles
Toughen Utility Reporting Rules
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
1 Multi-sponsor
History
- Enacting clause stricken
- Referred to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Toughen Utility Annual Reports
In Senate Committee · Energy And Telecommunications · Sponsor Kevin S. Parker
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3755
2017-2018 Regular Sessions
IN ASSEMBLY
January 30, 2017
Introduced by M. of A. DINOWITZ -- read once and referred to the Committee on Corporations, Authorities and Commissions
AN ACT to amend the public service law, in relation to annual reports required to be filed by gas and electric corporations
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 6 of section 66 of the public service law, as amended by chapter 784 of the laws of 1923, is amended to read as follows:
6. [Require] Notwithstanding any other rule, regulation, or order, require every person and corporation under its supervision and it shall be the duty of every such person and corporation to file with the commission an annual report, verified by the oath of the president, vice-president, treasurer, secretary, general manager, or receiver, if any, thereof, or by the person required to file the same. The verification shall be made by said official holding office at the time of the filing of said report, and if not made upon the knowledge of the person verifying the same shall set forth the sources of his information and the grounds of his belief as to any matters not stated to be verified upon his knowledge. The report shall show in detail (a) the amount of its authorized capital stock and the amount thereof issued and outstanding; (b) the amount of its authorized bonded indebtedness and the amount of its bonds and other forms of evidence of indebtedness issued and outstanding; (c) its receipts and expenditures during the preceding year; (d) the amount paid as dividends upon its stock and as interest upon its bonds; (e) the names of its officers and the aggregate amount paid as salaries to them and the amount paid as wages to its employees; (f) the location of its plant or plants and system, with a full description of its property and franchises, stating in detail how each franchise stated to be owned was acquired; and (g) such other facts pertaining to the operation and maintenance of the plant and system, and
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07488-01-7
A. 3755 2
the affairs of such person or corporation as may be required by the commission. Such reports shall be in the form, cover the period and be filed at the time prescribed by the commission. The commission may, from time to time, make [changes and] additions in such forms. When any such report is defective or believed to be erroneous, the commission shall notify the person, corporation or municipality making such report to amend the same within a time prescribed by the commission. Any such person or corporation or municipality which shall neglect to make any such report or which shall fail to correct any such report within the time prescribed by the commission shall be liable to a penalty of one hundred dollars and an additional penalty of one hundred dollars for each day after the prescribed time for which it shall neglect to file or correct the same, to be sued for in the name of the people of the state of New York. The amount recovered in any such action shall be paid into the state treasury and be credited to the general fund. The commission may extend the time prescribed for cause shown.
§ 2. This act shall take effect immediately.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.