The bill amends Chapter 39-3 of the General Laws by introducing a new section, 39-3-37.4, which requires electric and natural gas distribution public utilities to read, record, and update meters for all ratepayers on a quarterly basis. In instances where utilities estimate bills, they must file a current, simple, clear, and concise statement of the formula used for these estimates with the Public Utilities Commission (PUC). Estimated bills must consist of charges for utility services calculated according to the formula approved by the PUC and may be issued during months when a quarterly reading is not scheduled or conducted.

Furthermore, if a utility fails to read a meter on a quarterly basis, it is prohibited from demanding, collecting, or requiring payment of any balance exceeding the amount indicated by the prior estimated monthly bills. Any amount due for usage in excess of the estimated monthly bill will be forfeited for any period in which the electric or natural gas distribution utility did not read the ratepayer's meter. This act is set to take effect upon passage.