Heating Oil News
N.H. bills change fuel contract protections
February 10, 2013
New Hampshire's House and Senate are considering identical bills to expand protections for consumers who enter into pre-paid fuel agreements for home heating oil, kerosene or liquefied petroleum.
The bills would give dealers the option of maintaining an escrow account holding 75 percent of the total prepaid deposits, a letter of credit representing the same percentage, or a bond in the same amount.
The Senate Commerce and Consumer Affairs Committee holds a hearing on the proposal on Tuesday. The House Commerce Committee holds a hearing on an identical proposal on Thursday.
Current law gives dealers the choice of buying a futures contract, a bond or obtaining a letter of credit.
