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
By: Craddick (Senate Sponsor - Estes) | H.B. No. 129 | |
(In the Senate - Received from the House May 10, 2017; | ||
May 10, 2017, read first time and referred to Committee on Natural | ||
Resources & Economic Development; May 18, 2017, reported | ||
adversely, with favorable Committee Substitute by the following | ||
vote: Yeas 11, Nays 0; May 18, 2017, sent to printer.) | ||
COMMITTEE SUBSTITUTE FOR H.B. No. 129 | By: Estes |
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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, or a previous payor has obtained, the consent of the | ||
royalty interest owner to provide the information in some other | ||
manner. | ||
SECTION 2. The change in law made by this Act applies only | ||
to a payment made on or after the effective date of this Act to a | ||
royalty interest owner from the proceeds derived from the sale of | ||
oil or gas production. A payment made before the effective date of | ||
this Act to a royalty interest owner from the proceeds derived from | ||
the sale of oil or gas production is governed by the law in effect on | ||
the date the payment is made, and the former law is continued in | ||
effect for that purpose. | ||
SECTION 3. This Act takes effect September 1, 2017. | ||
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