(a) Except as provided in subsection (b), every public utility which requires its customers, as a condition precedent to receiving the service offered by such public utility, to make cash deposits with such utility to secure payment of tolls and charges shall pay interest on such cash deposits at an annual compounded rate of four and three quarters (4¾%) percent, which shall be refunded to the customer with his cash deposit upon termination of service for any reason other than unjustifiable nonpayment of tolls or charges by such customer; provided that interest shall not be payable by the utility upon deposits held by such utility for less than six (6) months; and provided further, that the customer may, upon application therefor on forms prescribed and furnished by the utility, obtain periodic payments of accumulated interest prior to the termination of service when the interest on said deposit equals $10 or more.
(b) The Virgin Islands Water and Power Authority shall pay interest on cash deposits paid by customers, as a condition precedent to receiving service, at a rate equal to the average prevailing interest paid by local banks on saving accounts.
(c) Every public utility affected by the provisions of subsection (a) of this section shall disclose to the customer, with its final billing statement in each calendar year, the amount of interest which has accumulated on the security deposit during that calendar year and the total amount of interest which has accumulated and has not been claimed by said customer as permitted in subsection (a) of this section.