1. Every public utility which furnishes the public with light and power, telephone service, gas or water, or any of them, shall pay to every customer from whom any deposit has been required interest on the deposit at the rate fixed for 6-month Treasury bills of the United States at the first auction:
(a) On or after December 1 of any year for the period from January 1 to June 30 of the succeeding year; or
(b) On or after June 1 of any year for the period from July 1 to December 31 of that year,
Ê from the date of deposit until the date of settlement or withdrawal of deposit. Where the deposit remains for 1 year or more and the person making the deposit continues to be a customer, the interest on the deposit must be either paid in cash to the depositor or applied on current bills for the use of the service provided by the public utility, as the depositor may desire.
2. Any public utility which fails, refuses or neglects to pay the interest provided in subsection 1 in the manner required by subsection 1 is guilty of a misdemeanor.