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Under this bill
deposits or refunds owed to a member of a rural electrification cooperative,
defined by the bill as abandoned capital credits, would no longer be
transferred to the Unclaimed Property Fund (fund) administered by the State
Treasurer. Money in this fund is transferred to the General Fund at the end
of each fiscal year after an effort is made to find the rightful owner of the
money. No longer transferring these credits to the fund will reduce General
Fund revenue. Instead, this bill directs any abandoned capital credits that
remain unclaimed one year after becoming payable be used to provide
assistance to low-income households. Currently, the Public Utilities
Commission coordinates with the Maine State Housing Authority (MSHA) to
administer existing PUC low-income assistance programs. The PUC anticipates
that any new revenues from abandoned capital credits will be transferred to
the MSHA and expended within existing low-income assistance programs. |