New Mexico Administrative Code
Title 17 - PUBLIC UTILITIES AND UTILITY SERVICES
Chapter 11 - TELECOMMUNICATIONS
Part 16 - CONSUMER PROTECTION
Section 17.11.16.26 - INTEREST ON DEPOSITS
Universal Citation: 17 NM Admin Code 17.11.16.26
Current through Register Vol. 35, No. 18, September 24, 2024
A carrier shall accrue simple interest on deposits at the interest rate the carrier charges for late payment of bills or the rate specified in NMSA 1978 Section 62-13-13, whichever is greater. A carrier shall accrue interest on a deposit for the time it holds the deposit, calculated from the date the carrier receives the deposit to the date the carrier refunds the deposit or credits the amount of the deposit to the customer's account. The carrier may, at its option, pay interest directly to the customer or credit the interest to the customer's account.
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