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

Furthermore, if a utility fails to read a meter on a quarterly basis, it shall not demand, collect, or require payment of any balance in excess of the amount required by the prior estimated monthly bills. Any amount otherwise due for usage in excess of the estimated monthly bill shall be forfeited for any period in which the electric or natural gas distribution utility failed to read the ratepayer's meter. This act is set to take effect upon passage.