(UTICA) – Legislation sponsored by Assemblyman Anthony Brindisi of Utica to help New York’s rural electric cooperatives (Chap.300) has been signed into law by Governor Cuomo.
The new law, which takes effect in January, 2019 will update regulations for the coops that have not been changed since the 1940’s. It allows the cooperatives to update financial procedures and record-keeping.
The legislation provides new conflict of interest and whistleblower polices, along with updated legal requirements. It also includes changes to financial policies that to encourage the accumulation of equity in the cooperatives by participating members.
“The principles New York State’s electric cooperatives were founded on continue today. Members in rural areas have been able to join together to receive reliable, low-cost electricity. By streamlining guidelines for these organizations, rural coops can continue to provide the service its members expect for their homes and businesses, while distributing benefits to members,” Brindisi said.