Laserfiche WebLink
Interest on Deposits: Interest shall be paid on all deposits in excess of$20 at the rate <br /> established by Minnesota Statutes. ERMU may, at its option, pay the interest at intervals <br /> it chooses,but at least annually,by direct payment or as a credit on the customer's <br /> account. <br /> Submission of and Exceptions to Deposit Requirement: <br /> A. Residential Customers. <br /> Residential customers may submit the required deposit at the time service is <br /> requested, or have the deposit billed with the customer's first bill for services provided. <br /> Failure to pay a deposit when billed shall be cause for ERMU to immediately terminate <br /> service. ERMU may, in its discretion, waive the required deposit for residential <br /> customers if the customer consents to ERMU's collection of credit history data on the <br /> customer,the customer's credit score falls above 90 percent probability of non- <br /> default . . •• - -: - • ••- • • - - - - - , and the customer has no history <br /> of disconnection for non payment to ERMU, and no history of late payments to ERMU <br /> two times in 12 months. <br /> B. Commercial and Industrial Customers. <br /> All commercial and industrial customers shall submit the required deposit and <br /> enter into a service agreement with ERMU at the time service is requested. The <br /> customer's application for service shall identify the individual or business entity entering <br /> into the service agreement. The service agreement shall be an agreement on the part of <br /> this individual or business entity to make payment of all amounts billed by ERMU for <br /> electric,water and sewer services, and to be liable for any default or non-payment of <br /> amounts billed by ERMU. ERMU may, in its discretion,waive or reduce the required <br /> deposit for commercial and industrial customers if a service agreement is executed by the <br /> customer, the customer has provided ERMU with sufficient information to allow ERMU <br /> to analyze the credit risk of the individual or business entity executing the service <br /> agreement, and ERMU, in its sole discretion, determines to waive or reduce the deposit <br /> required based on its analysis of credit risk. Waivers and/or reductions in the deposit <br /> requirement shall be reserved for rare exceptions when the risk of default is minimal. <br /> Adopted 3/9/2010 <br /> Revised 2/14/2012 <br /> GP:2740880 v4 <br /> 2 <br /> 64 <br />