Bill Text: NY S02482 | 2015-2016 | General Assembly | Introduced

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Bill Title: Increases the penalties imposed upon gas and electric utilities for failure to file or correct an annual report with the public service commission; such penalties shall not be more than one-tenth of 1% of the utilities' annual net revenue for each day of violation, but not to exceed $25,000 nor be less than $100.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2016-01-06 - REFERRED TO ENERGY AND TELECOMMUNICATIONS [S02482 Detail]

Download: New_York-2015-S02482-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2482
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                   January 23, 2015
                                      ___________
       Introduced by Sens. GIANARIS, KRUEGER -- read twice and ordered printed,
         and  when printed to be committed to the Committee on Energy and Tele-
         communications
       AN ACT to amend the public service law, in relation to penalties for the
         failure of gas and electric corporations to file or correct an  annual
         report
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision 6 of section 66 of the public service  law,  as
    2  amended  by  chapter  784  of  the  laws  of 1923, is amended to read as
    3  follows:
    4    6. Require every person and corporation under its supervision  and  it
    5  shall  be the duty of every such person and corporation to file with the
    6  commission an annual report, verified by  the  oath  of  the  president,
    7  vice-president,  treasurer,  secretary, general manager, or receiver, if
    8  any, thereof, or by the person required to file the same. The  verifica-
    9  tion  shall  be  made by said official holding office at the time of the
   10  filing of said report, and if not made upon the knowledge of the  person
   11  verifying  the  same  shall set forth the sources of his information and
   12  the grounds of his belief as to any matters not stated  to  be  verified
   13  upon  his  knowledge.  The report shall show in detail (a) the amount of
   14  its authorized capital stock and the amount thereof issued and outstand-
   15  ing; (b) the amount of its authorized bonded indebtedness and the amount
   16  of its bonds and other forms of  evidence  of  indebtedness  issued  and
   17  outstanding;  (c)  its  receipts  and  expenditures during the preceding
   18  year; (d) the amount paid as dividends upon its stock  and  as  interest
   19  upon  its  bonds; (e) the names of its officers and the aggregate amount
   20  paid as salaries to them and the amount paid as wages to its  employees;
   21  (f)  the  location  of  its  plant  or  plants  and  system, with a full
   22  description of its property and franchises, stating in detail  how  each
   23  franchise  stated  to  be  owned  was acquired; and (g) such other facts
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07762-01-5
       S. 2482                             2
    1  pertaining to the operation and maintenance of the plant and system, and
    2  the affairs of such person or corporation as  may  be  required  by  the
    3  commission.  Such  reports shall be in the form, cover the period and be
    4  filed at the time prescribed by the commission. The commission may, from
    5  time  to  time,  make changes and additions in such forms. When any such
    6  report is defective or believed to be erroneous,  the  commission  shall
    7  notify  the  person,  corporation  or municipality making such report to
    8  amend the same within a time prescribed  by  the  commission.  Any  such
    9  person  or  corporation  or municipality which shall neglect to make any
   10  such report or which shall fail to correct any such  report  within  the
   11  time  prescribed  by  the commission shall be liable to a penalty of NOT
   12  MORE THAN ONE-TENTH OF ONE PERCENT OF THE ANNUAL NET  REVENUES  OF  SUCH
   13  PERSON, CORPORATION OR MUNICIPALITY FOR THE PAST YEAR, BUT NOT MORE THAN
   14  TWENTY-FIVE  THOUSAND  DOLLARS  NOR LESS THAN one hundred dollars and an
   15  additional penalty of [one hundred  dollars]  NOT  MORE  THAN  THE  SAME
   16  AMOUNT for each day after the prescribed time for which it shall neglect
   17  to file or correct the same, to be sued for in the name of the people of
   18  the  state of New York. The amount recovered in any such action shall be
   19  paid into the state treasury and be credited to the  general  fund.  The
   20  commission may extend the time prescribed for cause shown.
   21    S 2. This act shall take effect on the one hundred twentieth day after
   22  it shall have become a law. Provided, that the public service commission
   23  is  immediately  authorized  and  directed  to take any and all actions,
   24  including but not limited to the promulgation of  any  necessary  rules,
   25  necessary to fully implement the provisions of this act on its effective
   26  date.