Section 54-3-26 - Retention of unclaimed capital credits by electric and telephone cooperatives - Use of retained money - Reporting requirements(1) As used in this section: (a) "Cooperative" means a: (i) distribution electrical cooperative, as defined in Section 54-2-1, that is incorporated in the state; or(ii) telephone cooperative, as defined in Section 54-2-1, that is incorporated in the state.(b) "Unclaimed capital credit" means a capital credit issued by a cooperative to the cooperative's customer that is unclaimed on the last day of the year three years after the year in which the credit was issued.(2) A cooperative shall retain an unclaimed capital credit.(3) A cooperative shall use the proceeds of a retained unclaimed capital credit to:(a) pay all or a portion of a low-income individual's utility bills;(b) provide scholarships to graduating high school seniors in the area where the cooperative provides service; or(c) provide financial assistance to, in the area where the cooperative provides service: (ii) a non-profit organization; or(iii) a community organization.(4) A cooperative shall establish criteria for recipients of the financial assistance described in this section that are based on:(a) a recipient's financial or other needs; and(b) the recipient community's interests.(5) A cooperative shall submit a report, before November 1 of each year, to the Public Service Commission that describes:(a) the amount of unclaimed capital credits retained by the cooperative;(b) the amount and recipients of financial assistance disbursed under this section; and(c) the criteria used by the cooperative to determine the recipients and amount of financial assistance disbursed under this section.Amended by Chapter 315, 2016 General Session ,§ 2, eff. 5/10/2016.Enacted by Chapter 198, 1995 General Session