Bill Text: TX HB129 | 2017-2018 | 85th Legislature | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the manner in which a payor of proceeds derived from the sale of oil or gas production is required to provide certain information to a royalty interest owner.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Passed) 2017-05-29 - Effective on 9/1/17 [HB129 Detail]

Download: Texas-2017-HB129-Introduced.html
  85R732 SMH-D
 
  By: Craddick H.B. No. 129
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the manner in which a payor of proceeds derived from the
  sale of oil or gas production is required to provide certain
  information to a royalty interest owner.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 91.506, Natural Resources Code, is
  amended to read as follows:
         Sec. 91.506.  EXEMPTION. If the payor obtains the written
  consent of the royalty interest owner to provide the information
  required by Section 91.502 [is provided] in some other manner and
  the payor provides the information in that manner on a monthly
  basis, the payor is not required to include the information on the
  check stub, attachment to the payment form, or other remittance
  advice.
         SECTION 2.  This Act takes effect immediately if it receives
  a vote of two-thirds of all the members elected to each house, as
  provided by Section 39, Article III, Texas Constitution.  If this
  Act does not receive the vote necessary for immediate effect, this
  Act takes effect September 1, 2017.
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