FISCAL NOTE

Date Requested: February 24, 2017
Time Requested: 10:03 AM
Agency: Treasurer's Office, WV
CBD Number: Version: Bill Number: Resolution Number:
1654 Introduced SB370
CBD Subject: Real and Personal Property


FUND(S):

Special

Sources of Revenue:

Special Fund

Legislation creates:

Neither Program nor Fund



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


    According to the bill itself, the purpose of Senate Bill 370 is to pay funds due in partition suits of oil and gas interests to persons whose names or locations are unknown, and who do not claim the funds for five years, to the Oil and Gas Reclamation Fund that is used to plug the thousands of abandoned oil and gas wells that no longer have responsible operators to plug them rather than have the funds escheat to the state.
    
    Under the provisions of the Uniform Unclaimed Property Act, W.Va. Code §36-8-1 et seq., moneys remitted to the Treasurer as the Unclaimed Property Administrator do not “escheat” to the state; instead, the moneys are held for the owners until claimed.
    
    The following amounts were received as unclaimed property from mineral proceeds and interests and from the courts and other governmental entities in West Virginia:
    
    
     FY 2016 FY 2015 FY 2014
    Mineral Proceeds
     & Interests $547,466 $800,590 $751,497
    WV Courts & Other
     Governmental Reporting $310,760 $217,049 $127,419
    
    
    We have no way of knowing if any of these moneys reported were pursuant to a partition suit. Accordingly, we have no way to estimate what amount would be remitted to the Oil and Gas Reclamation Fund pursuant to Senate Bill 370.
    



Fiscal Note Detail


Effect of Proposal Fiscal Year
2017
Increase/Decrease
(use"-")
2018
Increase/Decrease
(use"-")
Fiscal Year
(Upon Full
Implementation)
1. Estmated Total Cost 0 0 0
Personal Services 0 0 0
Current Expenses 0 0 0
Repairs and Alterations 0 0 0
Assets 0 0 0
Other 0 0 0
2. Estimated Total Revenues 0 0 0


Explanation of above estimates (including long-range effect):


    Please see the information in Fiscal Note Summary.



Memorandum


    



    Person submitting Fiscal Note: Diana Stout
    Email Address: diana.stout@wvsto.com