Electricity Cost Disclosure Requirement To Go Into Effect July 1
June 18, 2009
A new electricity cost disclosure requirement under House Bill 1464 goes
into effect July 1, 2009.
The bill, passed by the 2009 Legislature in May, was designed to add or
clarify a number of statutory provisions to encourage energy efficiency and
the development of renewable energy resources. It includes a provision that
states:
"Prior to the sale of residential real property, the
property owner shall make a good faith declaration of electricity cost based
on the most recent three-month period in which the property was occupied
prior to the date of the seller's disclosure, pursuant to chapter 508D. This
declaration shall only apply where the owner directly pays the electrical
utility bills, and shall not apply in the case of a foreclosure of
residential real property or where there are no electric utility accounts
associated with the property."
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Ask your licensed real estate agent to clarify if necessary and to provide
forms in order to comply.