HB 581 – AS AMENDED BY THE HOUSE
4Jan2011… 2721h
2011 SESSION
05/04
HOUSE BILL 581
AN ACT regulating guaranteed price plans and prepaid contracts for petroleum.
SPONSORS: Rep. Marshall Quandt, Rock 13; Rep. Weyler, Rock 8; Rep. Matt Quandt, Rock 13; Rep. Shuler, Rock 11; Rep. Serlin, Rock 16; Sen. Carson, Dist 14
COMMITTEE: Commerce and Consumer Affairs
This bill requires certain disclosures to be included in the prepaid contracts for heating oil, kerosene, or liquefied petroleum gas.
The bill also repeals certain solvency requirements for home heating oil dealers who offer prepaid contracts for home heating oil, kerosene, or liquefied petroleum gas.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
4Jan2011… 2721h
11-0494
05/04
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eleven
AN ACT regulating guaranteed price plans and prepaid contracts for petroleum.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Subparagraph; Prepaid Contract for Petroleum; Disclosure Required. Amend RSA 339:79, III by inserting after subparagraph (d) the following new subparagraph:
(e) Shall include a disclosure with the following statement: “A prepaid contract is not a guarantee that the dealer will use your funds exclusively to lock in your agreed price, and you are at risk of losing some or all of your payment.” The disclosure also shall provide a telephone number and Internet website for the appropriate Better Business Bureau and a telephone number and Internet website for the attorney general’s office. Such disclosure shall be in a font twice as large as the contract and shall be initialed by the consumer and the dealer who signs the contract.
2 Repeal. RSA 339:79, IV and V, relative to solvency requirements for dealers who offer prepaid contracts for home heating oil, kerosene, or liquefied petroleum gas, are repealed.
3 Effective Date. This act shall take effect January 1, 2013.