Bill Text: TX HB129 | 2017-2018 | 85th Legislature | Comm Sub
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-Comm_Sub.html
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-Comm_Sub.html
85R20804 SMH-F | |||
By: Craddick | H.B. No. 129 | ||
Substitute the following for H.B. No. 129: | |||
By: Darby | C.S.H.B. No. 129 |
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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. Sections 91.501 and 91.506, Natural Resources | ||
Code, are amended to read as follows: | ||
Sec. 91.501. INFORMATION REQUIRED. If payment is made to a | ||
royalty interest owner from the proceeds derived from the sale of | ||
oil or gas production pursuant to a division order, lease, | ||
servitude, or other agreement, the payor shall include the | ||
information required by Section 91.502 on the check stub, an | ||
attachment to the payment form, or another remittance advice that | ||
accompanies the payment. | ||
Sec. 91.506. EXEMPTION. (a) Except as provided by | ||
Subsection (b), if [ |
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is provided in some other manner on a monthly basis, the payor is | ||
not required to include the information on the check stub, an | ||
attachment to the payment form, or another [ |
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advice that accompanies the payment. | ||
(b) If payment is made to the royalty interest owner by a | ||
paper check delivered by mail or by means of a private delivery | ||
service, the payor may not provide the information required by | ||
Section 91.502 in a manner other than by including the information | ||
on the check stub, an attachment to the payment form, or another | ||
remittance advice that accompanies the payment unless the payor | ||
obtains the written consent of the royalty interest owner to | ||
provide the information in some other manner. | ||
SECTION 2. This Act takes effect September 1, 2017. |