Interest on deposits shall be set annually at a rate equal to the federal five-year treasury note rate as reported on the first day of the calendar year by the federal reserve board of governors and shall be paid on any deposit required of a consumer by any public utility as defined in Section 62-3-3 NMSA 1978 or by any telephone company as defined in Section 63-9-2 NMSA 1978 or by any waterworks organized under Chapter 62, Article 2 NMSA 1978.
History: Laws 1979, ch. 292, § 1; 2004, ch. 100, § 1; 2005, ch. 336, § 1.
ANNOTATIONSCompiler's notes. — Sections 62-13-1 to 62-13-14 of the Public Utility Act are still effective as the repeal of Chapter 62, Article 13 by Laws 1998, Chapter 108, Section 82, effective July 1, 2003 Chapter 108, Section 82 was repealed prior to taking effect by Chapter 23, Section 1, Laws 2003. Although Laws 2003, Chapter 336, Section 8, amended Laws 1998, Chapter 82, as amended, an amendment of a repealed section is ineffective. See Quintana v. N.M. Dep't of Corrs.,100 N.M. 224, 668 P.2d 1101 (1983). Laws 2003, Chapter 416, Section 5 also repealed Laws 1998, Chapter 108, Section 82, as amended, a second time, however, that repeal is of no effect as the section had previously been repealed by Chapter 23, Section 1, Laws 2003.
The 2005 amendment, effective July 1, 2005, deleted the former provision that interest at a minimum rate a year equal to the federal rate shall be paid on deposits and provided that interest on deposits shall be set annually at a rate equal to the federal rate and shall be paid on deposits.
The 2004 amendment, effective May 19, 2004, deleted the minimum interest rate of 9% and inserted in its place "a year equal to the federal five-year treasury note rate as reported on the first day of the calendar year by the federal reserve board of governors".