SF0102 • 2021

Unclaimed cooperative utility deposits and payments.

AN ACT relating to cooperative utilities; specifying how unclaimed refunds due members of cooperative utilities shall be used if unclaimed; making conforming amendments; and providing for an effective date.

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: Senator Driskill
Last action: 2021-04-06
Official status: enrolled
Effective date: 7/1/2021

Plain English Breakdown

The official source material does not provide specific details on how cooperative utilities will determine if they have made good faith efforts.

Unclaimed Cooperative Utility Deposits and Payments

This law sets rules for how cooperative utilities should handle unclaimed deposits or advance payments from members, requiring them to use these funds for the benefit of all members if they remain unclaimed.

What This Bill Does

Defines when a deposit or payment made by a member of a cooperative utility is considered abandoned and unclaimed after five years and good-faith efforts have been made to return it.
Specifies that cooperative utilities must use these unclaimed deposits for the benefit of all members once they are deemed unclaimed.
States that a member's right to claim an unclaimed refund is lost when the cooperative uses the funds for general membership benefits.

Who It Names or Affects

Cooperative utility companies
Members of cooperative utilities who have unclaimed deposits or payments

Terms To Know

Patronage capital contributions, allocations and refunds: Money that members contribute to a cooperative utility, which can be returned as a refund.
Good faith efforts: Actions taken by the cooperative utility in an honest attempt to return unclaimed funds to their rightful owners.

Limits and Unknowns

The law does not specify what happens if a member claims an unclaimed deposit after it has been used for general benefits.
It is unclear how cooperative utilities will determine whether they have made good faith efforts to return unclaimed funds.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

SF0102H2001

2nd reading • Representative Nicholas

Adopted

Plain English: The amendment changes how unclaimed refunds from cooperative utilities are handled, requiring them to be placed in custody with the state treasurer if not claimed within two years and then returned to the utility after three more years if still unclaimed.

Adds a new subsection (d) that requires cooperative utilities to place any unclaimed refund funds, including interest, into the custody of the state treasurer if they remain unclaimed for over two years.
Specifies that if these funds are not claimed by members within three years after being placed with the state treasurer, the funds will be returned to the cooperative utility.

The amendment text does not provide details on how refunds and payments are initially processed or what happens before the two-year unclaimed period begins.

SF0102H2002

2nd reading • Representative Zwonitzer

Withdrawn

Plain English: The amendment changes a sentence in the bill about unclaimed refunds from cooperatives, adding that the refund must be for which the cooperative has made good faith efforts to deliver to the member.

Adds language requiring cooperatives to make good faith efforts to deliver unclaimed refunds to members before considering them unclaimed.

The amendment text is limited and does not provide full context, so it's unclear how this change will affect the overall bill or its implementation.

SF0102H3001

3rd reading • Representative Eyre

Adopted

Plain English: The amendment changes how long a cooperative utility must try to return unclaimed refunds to members before using them.

Changes the time limit from two years to five years for cooperatives to make good faith efforts to deliver unclaimed refunds to their members.

The amendment does not specify what 'good faith efforts' means, leaving it open to interpretation.

SF0102S3001

3rd reading • Senator Nethercott

Corrected, Corrected, Adopted

Plain English: The amendment removes an existing provision and adds new language about how unclaimed refunds for deposits or advance payments held by cooperative utilities are handled.

Removes a previous amendment related to the handling of unclaimed refunds.
Adds new rules stating that if unclaimed refunds are used for the benefit of all members, the member's right to claim them is ended.
Clarifies that this does not stop cooperative utilities from refunding claimed funds later at their discretion.

The exact details of how refunds will be used for the general membership are not specified in the amendment text.

SF0102SW001

Committee of the Whole • Senator Nethercott

Failed

Plain English: The amendment would add a specific requirement for how unclaimed refunds from cooperative utilities should be handled, referencing Wyoming Statute 17-10-235(c).

Adds language requiring that unclaimed refunds due to members of cooperative utilities must be disbursed according to W.S. 17-10-235(c).

The amendment text does not provide details on what W.S. 17-10-235(c) entails, so the exact nature of how unclaimed refunds would be disbursed is unclear.

SF0102SS001

Standing Committee • Senate Corporations, Elections & Political Subdivi

Adopted

Plain English: The amendment adds language to allow cooperative utilities to decide whether to refund unclaimed deposits and payments to members if they are later claimed.

Adds a provision that allows cooperative utilities to choose whether or not to refund unclaimed refunds to members if the money is eventually claimed.

The amendment does not specify under what conditions or circumstances the cooperative can decide not to refund the money.
It's unclear how this decision by the cooperative will be communicated to the member who claims their deposit or payment.

Bill History

2021-04-06 LSO
Assigned Chapter Number 127
2021-04-06 Governor
Governor Signed SEA No. 0048
2021-04-02 House
H Speaker Signed SEA No. 0048
2021-04-02 Senate
S President Signed SEA No. 0048
2021-04-01 LSO
Assigned Number SEA No. 0048
2021-04-01 Senate
S Concur:Passed 21-8-1-0-0
2021-04-01 Senate
S Received for Concurrence
2021-03-31 House
H 3rd Reading:Passed 41-19-0-0-0
2021-03-30 House
H 2nd Reading:Passed
2021-03-29 House
H COW:Passed
2021-03-24 House
H Placed on General File
2021-03-24 House
H07 - Corporations:Recommend Do Pass 9-0-0-0-0
2021-03-12 House
H Introduced and Referred to H07 - Corporations
2021-03-11 House
H Received for Introduction
2021-03-11 Senate
S 3rd Reading:Passed 23-7-0-0-0
2021-03-10 Senate
S 2nd Reading:Passed
2021-03-09 Senate
S COW:Passed
2021-03-04 Senate
S Placed on General File
2021-03-04 Senate
S07 - Corporations:Recommend Amend and Do Pass 4-1-0-0-0
2021-03-01 Senate
S Introduced and Referred to S07 - Corporations
2021-02-23 Senate
S Received for Introduction
2021-02-22 LSO
Bill Number Assigned

Official Summary Text

Bill Summary - 21LSO-0543
Bill No.:

SF0102

Effective:

7/1/2021 12:00:00 AM

LSO No.:

21LSO-0543

Enrolled Act No.:

SEA No. 0048

Chapter No.:

127

Prime Sponsor:

Driskill

Catch Title:

Unclaimed cooperative utility deposits and payments.

Subject:

Specifying the disposition and use of unclaimed cooperative utility deposits and payments.

Summary/Major Elements:

Under current law, a deposit or advance payment paid to a utility, including cooperative utilities, is deemed to be abandoned and unclaimed property if the deposit remains unclaimed after one (1) year after termination of services.

This act specifies that any deposit or advance payment paid to a cooperative utility that remains unclaimed for five (5) years and for which the cooperative utility has made good-faith efforts to deliver the deposit or payment to the member shall be deemed unclaimed.

This act specifies that a cooperative utility must use these unclaimed deposits and payments for the benefit of the general membership of the cooperative.

A member's right to claim an unclaimed deposit or payment is extinguished when the cooperative utility uses the unclaimed funds for the benefit of the general membership.

Nothing in the act precludes a cooperative utility from refunding unclaimed funds in the utility's discretion.

The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent.

While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.

Current Bill Text

Read the full stored bill text

21LSO-0543

ORIGINAL Senate

ENGROSSED
File No
.
SF0102

ENROLLED ACT NO. 48,

SENATE

SIXTY-SIXTH LEGISLATURE OF THE STATE OF WYOMING
2021 General Session

Be It Enacted by the Legislature of the State of Wyoming:

Section 1
.

W.S. 17
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20
‑
1301 by creating a new subsection (c) and 34
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24
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109 are amended to read:

17
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20
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1301.

Patronage capital contributions, allocations and refunds; deposits and advance payments.

(c)

Notwithstanding W.S. 34
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24
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109 and any other provision of law, any deposit or advance payment that has been refunded, including any interest thereon, that has not been claimed by the member appearing on the records of the cooperative for more than five (5) years and for which the cooperative has made good faith efforts to deliver to the member shall be determined to be unclaimed. Notwithstanding any other provision of law, including provisions pertaining to unclaimed property, unclaimed refunds for deposits or advance payments shall be used by the cooperative utility for the benefit of the general membership of the cooperative. The right of an owner to unclaimed refunds for deposits or advance payments held by a cooperative utility is extinguished when the unclaimed refunds are used by the cooperative utility for the benefit of its general membership in accordance with this subsection. Nothing in this subsection precludes a cooperative utility from refunding subsequently claimed funds at the cooperative utility's discretion.

34
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24
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109.

Deposits held by utilities.

(a)

Subject to subsection (b) of this section, a
deposit, including any interest thereon, made by a subscriber with a utility to secure payment or any sum paid in advance for utility services to be furnished, less any lawful deductions, that remains unclaimed by the owner for more than one (1) year after termination of the services for which the deposit or advance payment was made is deemed abandoned.

(b)

The provisions of this act shall not apply to deposits or advance payments made to a cooperative utility subject to the provisions of the Wyoming Cooperative Utilities Act.

Section 2.

For any deposit or advance payment collected by a cooperative utility as defined by W.S. 17
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20
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140(a)(i) that is due as a refund to a member of the cooperative utility and that has been held as abandoned or unclaimed property before the effective date of this act, the deposit or advance payment shall remain as unclaimed property and shall not be used in accordance with W.S. 17
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20
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1301(c), as created by section 1 of this act, for not less than two (2) years after the effective date of this act.

Section 3
.

This act is effective July 1, 2021
.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the Senate.

Chief Clerk