4.1. ERMUSR 02-09-2016 - Laserfiche WebLink

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Form of Deposit: The deposit shall be in the form of a cash deposit or an irrevocable letter of credit. If in the form of an irrevocable letter of credit, the letter of credit shall be renewed at least 30 days prior to its expiration. Failure to renew a letter of credit will result in the letter of credit being drawn on and the cash recovered from the letter of credit being held by ERMU as a cash deposit. If ERMU is not able to draw on the letter of credit,the customer shall submit a cash deposit prior to expiration of the letter of credit. Failure to submit the required deposit shall be cause for immediate termination of service by ERMU. Receipt for Deposit: At the time the deposit is made ERMU will furnish furnis*the customer with a written receipt specifying the conditions, if any,the deposits return. diminished upon ' i`` , Return of Deposit: Any deposit received by ERMU shall be ret d_see the customer within 45 days of termination of service,provided that the « t ? er e said in full all amounts due on the account. If the customer has not paid inj n days of the o 'nyt termination of service,the deposit will be applied tui ¢ -4.'r.,'unts owed by the customer to ERMU. If the deposit exceeds the amount due,f balance will be returned to the customer. If the deposit is not .... n a.. ‘' .,th amount due,the customer shall remain liable to ERMU for theialanc , .fall Pay the balance due within 15 days of notice from ERMU. ERMU serves rt to use reasonable legal means to collect amounts due. Interest on Deposits: Interest111 paid on 1 deposits in excess of$20 at the rate established by Minnesota Sta s ERMU ma at its option,pay the interest at intervals it chooses, but at least . lydirect"s *A 't or as a credit on the customer's account. Via; Submission of andEx tions to° eposit Requirement: 1 A. Residence . ..tom s ' -- gra, 'esn custo may submit the required deposit at the time service is req=i c3 'r 'a,p the deposit billed with the customer's first bill for services provided. Fail toy a . a s :: when billed shall be cause for ERMU to immediately terminate service 'i'''44,1 a ,in its discretion,waive the required deposit for residential customers 1. he customer consents to ERMU's collection of credit history data on the customer,th-` ustomer's credit score is above 90 percent probability of non-default, and the customer has no history of disconnection for non payment to ERMU, and no history of late payments to ERMU two times in 12 months. B. Commercial and Industrial Customers. All commercial and industrial customers will complete an application for service that identifies the individual or business entity that will be entering into a service agreement and will pay an application fee per the fee schedule. All commercial and 2