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 read, record, and update meters for all ratepayers on a quarterly basis. In cases where a utility company estimates bills, they are 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, they are prohibited from demanding, collecting, or requiring payment of any balance in excess of the amount indicated 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 legislation will take effect upon passage.