Subjects a public service company that fails to file an annual report in the form and within the time required by the utilities and transportation commission, including payment of any regulatory fee due, is subject to: (1) Monetary penalties; or

(2) Cancellation or revocation of its operating authority and additional penalties.

Allows the commission to waive penalties if the company is able to demonstrate that its failure to file the report, and in the time required, was due to circumstances beyond its control.