New Hampshire Senate has voted on expanded protections for consumers who enter into pre-paid fuel agreements
CONCORD, N.H. (AP) - New Hampshire's Senate has voted to expand protections for consumers who enter into pre-paid fuel agreements for home heating oil, kerosene or liquefied petroleum.
The Senate voted Thursday to send the House a bill that would give dealers the option of maintaining a letter of credit, a futures contract or a bond representing 75 percent of the total prepaid deposits.
Current law gives dealers the choice of buying a futures contract representing 75 percent of the deposits, a bond totaling 50 percent or obtaining a letter of credit for 100 percent.
New Hampshire lawmakers have worked to strengthen consumer protections after several dealers failed to deliver the promised fuel.
The Senate bill also would establish a registration and reporting requirement for dealers.