HB555 Summary

• Establishes a utility deposit guarantee program administered by the Alabama Commission on Higher Education for recent college graduates who have obtained full-time employment in Alabama within 60 months of graduation and are establishing a new residence.

• Eligible participants receive vouchers declaring the state guarantees their utility deposits for electricity, natural gas, water, sewage, and trash collection services; vouchers are single-use and utilities waive deposit requirements upon presentation.

• Program recipients remain responsible for paying utility bills in full and on time; the program does not pay bills or serve as a substitute for recipients' payment obligations.

• State may recover defaulted utility deposits from recipients through income tax refund withholding, wage garnishment, property liens, or debt collection agencies; state maintains a dedicated treasury fund for defaults and collections.

• Program implementation requires state appropriation; Commission on Higher Education may retain up to 7.5 percent of appropriated funds for administrative costs and is authorized to adopt implementing rules in consultation with the Alabama Department of Commerce.