The bill amends existing laws related to home heating oil, kerosene, and propane contracts to enhance consumer protections and transparency. Key updates include new contract-disclosure requirements that mandate all contracts for guaranteed price plans and prepaid contracts to be in writing, clearly outlining terms such as dealer contact information and consumer rights. It specifies that all fees, including tank rental and early termination fees, must be disclosed, and provides a clear explanation of how dealers will fulfill their obligations. Additionally, the bill introduces provisions for prepaid contracts, requiring dealers to secure their commitments through financial instruments like futures contracts or surety bonds. The language of the bill also clarifies obligations by changing phrases such as "reimburse consumers" to "provide consumers the option of reimbursement" and ensures disclosures are made in plain language.

Moreover, the bill establishes new regulations regarding the removal or transfer of dealer-owned heating fuel tanks, requiring dealers to act within 30 calendar days of consumer notification about service discontinuation. If unable to meet this timeline, dealers must inform consumers in writing about the delay and provide regular updates. The bill prohibits rental or lease fees for tanks owned by another company or the consumer and mandates that any sale of dealer-owned tanks occurs at a pre-agreed price or fair market value. It also stipulates that dealers cannot impose termination fees under certain conditions and requires clear disclosures of service terms and fees before service begins. Non-compliance with these provisions is classified as an unfair or deceptive act under existing consumer protection laws, with the bill set to take effect 60 days after passage.

Statutes affected:
Introduced: 339:79
As Amended by the House: 339:79
As Amended by the Senate: 339:79, 339:78
Version adopted by both bodies: 339:79, 339:78
CHAPTERED FINAL VERSION: 339:79, 339:78
HB1262 text: 339:79