Senate Bill S7229

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7229
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                               April 4, 2025
                                ___________
 
 Introduced by Sens. GIANARIS, KRUEGER -- read twice and ordered printed,
   and  when printed to be committed to the Committee on Energy and Tele-
   communications
 
 AN ACT to amend the public service law, in relation to penalties for the
   failure of gas and electric corporations to file or correct an  annual
   report

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 6 of section 66 of the public service  law,  as
 amended  by  chapter  784  of  the  laws  of 1923, is amended to read as
 follows:
   6. Require every person and corporation under its supervision  and  it
 shall  be the duty of every such person and corporation to file with the
 commission an annual report, verified by  the  oath  of  the  president,
 vice-president,  treasurer,  secretary, general manager, or receiver, if
 any, thereof, or by the person required to file the same. The  verifica-
 tion  shall  be  made by said official holding office at the time of the
 filing of said report, and if not made upon the knowledge of the  person
 verifying  the  same  shall set forth the sources of [his] SUCH PERSON'S
 information and the grounds of [his]  THE  PERSON'S  belief  as  to  any
 matters not stated to be verified upon [his] THE PERSON'S knowledge. The
 report  shall  show  in  detail (a) the amount of its authorized capital
 stock and the amount thereof issued and outstanding; (b) the  amount  of
 its authorized bonded indebtedness and the amount of its bonds and other
 forms  of  evidence  of  indebtedness  issued  and  outstanding; (c) its
 receipts and expenditures during the preceding year; (d) the amount paid
 as dividends upon its stock and as interest  upon  its  bonds;  (e)  the
 names  of its officers and the aggregate amount paid as salaries to them
 and the amount paid as wages to its employees; (f) the location  of  its
 plant  or plants and system, with a full description of its property and
 franchises, stating in detail how each franchise stated to be owned  was
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01798-01-5
              

 S. 7229                             2
 
 acquired; and (g) such other facts pertaining to the operation and main-
 tenance  of  the  plant  and  system,  and the affairs of such person or
 corporation as may be required by the commission. Such reports shall  be
 in the form, cover the period and be filed at the time prescribed by the
 commission.  The  commission  may,  from  time to time, make changes and
 additions in such forms. When any such report is defective  or  believed
 to  be erroneous, the commission shall notify the person, corporation or
 municipality making  such  report  to  amend  the  same  within  a  time
 prescribed  by the commission. Any such person or corporation or munici-
 pality which shall neglect to make any such report or which  shall  fail
 to  correct any such report within the time prescribed by the commission
 shall be liable to a penalty of NOT MORE THAN ONE-TENTH OF  ONE  PERCENT
 OF  THE  ANNUAL NET REVENUES OF SUCH PERSON, CORPORATION OR MUNICIPALITY
 FOR THE PAST YEAR, BUT NOT MORE THAN TWENTY-FIVE  THOUSAND  DOLLARS  NOR
 LESS  THAN one hundred dollars and an additional penalty of [one hundred
 dollars] NOT MORE THAN THE SAME AMOUNT for each day after the prescribed
 time for which it shall neglect to file or correct the same, to be  sued
 for  in  the  name  of  the  people of the state of New York. The amount
 recovered in any such action shall be paid into the state  treasury  and
 be  credited  to  the  general  fund. The commission may extend the time
 prescribed for cause shown.
   § 2. This act shall take effect on the one hundred twentieth day after
 it shall have become a law. Effective immediately,  the  public  service
 commission  is authorized to take any and all actions, including but not
 limited to the promulgation of any necessary rules, necessary  to  fully
 implement the provisions of this act on its effective date.