Lawmakers may seek reform in selling of pre-paid oil contracts
State Rep. James Webb, R-Derry, said he is reviving a bill that would require companies to secure 75 percent of customers’ prepaid deposits in either an escrow account, maintaining a letter of credit or surety bond with the state Attorney General’s office as beneficiary.
Webb said he pulled the bill from the consent calendar, saving it from certain legislative death, to draw attention to the plight of Fred Fuller Oil customers.
“The problem with the futures contract is it doesn’t secure any money. It simply is a promise by an oil dealer to buy the oil at a future date. It doesn’t protect that money. They can use that money and use it for current operating expenses,” Boffetti said.
He said company owner Fred Fuller “sort of volunteered” to suspend prepaid contracts for the 2014-2015 heating season after Boffetti and Attorney General Joseph Foster expressed their concerns to him during meetings this week.
Longtime Fuller Oil customer Dan Niemeyer of Londonderry already received his prepaid contract in the mail last week.
Union Leader Correspondent Hunter McGee contributed to this report.
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