By: Zaffirini S.B. No. 1589
(In the Senate - Filed March 12, 2015; March 23, 2015, read
first time and referred to Committee on Natural Resources and
Economic Development; April 9, 2015, reported adversely, with
favorable Committee Substitute by the following vote: Yeas 11,
Nays 0; April 9, 2015, sent to printer.)
Click here to see the committee vote
COMMITTEE SUBSTITUTE FOR S.B. No. 1589 By: Zaffirini
A BILL TO BE ENTITLED
AN ACT
relating to requirements for reporting unclaimed mineral proceeds
to the comptroller of public accounts.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 74.101, Property Code, is amended by
adding Subsection (e) to read as follows:
(e) A holder of mineral proceeds under Chapter 75 that is
regulated by the Railroad Commission of Texas under Chapter 91,
Natural Resources Code, shall include in the property report for
the proceeds, in addition to the information listed in Subsection
(c), the following information with respect to each well the
production from which resulted in the proceeds:
(1) the lease, property, or well name;
(2) any lease, property, or well identification number
used to identify the lease, property, or well;
(3) the county in which the lease, property, or well is
located;
(4) the survey name for the location of the well; and
(5) from the Railroad Commission of Texas Form W-1
(Application for Permit to Drill, Deepen, Plug-back or Re-enter):
(A) the General Land Office abstract number for
the location of the well; and
(B) the global positioning system coordinates
for the location of the well.
SECTION 2. Section 74.101(e), Property Code, as added by
this Act, applies only to a report filed on or after the effective
date of this Act. A report filed before the effective date of this
Act is governed by the law as it existed immediately before the
effective date of this Act, and that law is continued in effect for
that purpose.
SECTION 3. This Act takes effect January 1, 2016.
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