This bill aims to protect residents of multi-unit dwellings from excessive meter-reading fees charged by electric and gas public utilities. Specifically, it prohibits these utilities from imposing a meter-reading fee that exceeds the total cost of the customer's electricity or gas usage for the billing cycle. The bill defines a meter-reading fee as a charge for customers who have opted out of smart meter installation, which requires manual readings by the utility.

The legislation emphasizes that, regardless of existing laws or regulations, the capped meter-reading fee is a safeguard for residents in multi-unit buildings, ensuring that they are not overcharged for services. The bill is set to take effect immediately upon passage.