HB 676 – AS INTRODUCED
2007 SESSION
05/10
HOUSE BILL 676
AN ACT relative to interest on deposits required under gasoline franchise agreements.
SPONSORS: Rep. Greco, Merr 7; Rep. Davis, Merr 7; Rep. Reed, Merr 2; Rep. L’Heureux, Hills 19
This bill requires a gasoline supplier to pay the dealer annual interest on any deposit required under the terms of the franchise agreement.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
07-0177
05/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Seven
AN ACT relative to interest on deposits required under gasoline franchise agreements.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Section; Regulation of Gasoline Franchises; Franchise Agreements; Interest. Amend RSA 339-C by inserting after section 4 the following new section:
339-C:4-a Franchise Agreement; Interest. If the franchise agreement requires the dealer to provide a cash deposit in advance for the use of the service station or delivery of fuel, except as advance payment in whole or in part for the product ordered, the deposit may be held by the supplier, may be used by the supplier in his or her business, and may be retained for the term of the agreement unless it is sooner terminated. Interest at a rate determined by the state treasurer under RSA 336:1, II shall be paid to the dealer at least annually and shall not be passed on to the consumer as an increase in the retail price. Within 90 days after the termination of the agreement, the deposit shall be returned, together with any unpaid interest on that deposit at the rate determined by the state treasurer under RSA 336:1, II.
2 Effective Date. This act shall take effect January 1, 2008.