Gas or oil drilling units; escrowed proceeds, Coalfield Region Elderly Assistance Fund. (SB1268)

Introduced By

Sen. Ben Chafin (R-Lebanon)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Gas or oil drilling units; escrowed proceeds; Coalfield Region Elderly Assistance Fund; Coalfield Region Tourism Fund. Provides that proceeds of certain gas or oil wells, escrowed because the owner's identity and location remain unknown, shall be presumed abandoned and paid into the Coalbed Region Elderly Assistance Fund (the Elderly Fund), established by the bill. The bill directs the Virginia Gas and Oil Board to make grants to nonprofit organizations for the support of elderly residents of the region. Current law requires such escrowed proceeds to be disposed of pursuant to the Uniform Disposition of Unclaimed Property Act. The bill also provides that certain escrowed proceeds, due to known and locatable claimants of coalbed methane gas wells that were force-pooled prior to July 1, 2015, shall be deemed abandoned and made available to the Coalfield Region Tourism Fund (the Tourism Fund), also established by the bill, when one year has passed since the last provision of notice to such claimant and certain other conditions are met. The bill provides that all moneys in the Tourism Fund in excess of a minimum balance of $500,000 shall be disbursed equally to the Southwest Regional Recreation Authority and the Heart of Appalachia Tourism Authority. Amends § 45.1-361.21, of the Code of Virginia. Read the Bill »

Status

01/07/2019: Awaiting a Vote in the Agriculture, Conservation and Natural Resources Committee

History

DateAction
01/07/2019Prefiled and ordered printed; offered 01/09/19 19101432D
01/07/2019Referred to Committee on Agriculture, Conservation and Natural Resources

Duplicate Bills

The following bills are identical to this one: HB2187.

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