SB686 HFAT Anderson 3-12

Akers 3254

Delegate Anderson moved to amend the bill by striking out the title and substituting therefor a new title, to read as follows:

COM. SUB. FOR COM. SUB. FOR SENATE BILL NO. 686- “A BILL to amend and reenact §37-7-2 of the Code of West Virginia, 1931, as amended; and to amend the code by adding a new article designated §37B-3-1, §37B-3-2, §37B-3-3, §37B-3-4, §37B-3-5, §37B-3-6; and by adding a new article designated §37B-4-1, §37B-4-2, §37B-4-3, §37B-4-4, §37B-4-5, §37B-4-6, and §37B-4-7; relating to modifying the conditions for lawful mining, extraction, or production of coal in this state regarding co-tenants to a coal estate; providing an exception to waste and trespass for certain coal estates under certain conditions; providing a short title; providing declarations of public policy and legislative findings and intent; providing definitions; providing that, in cases where the owners of at least three fourths of the undivided interest in the coal estate consent to the lawful use or development, the operator’s mining, use, or development of the coal estate is permissible, is not waste, and is not trespass under certain defined conditions; providing that nonconsenting co-tenants are entitled to receive a production royalty and providing a process for obtaining the royalty; requiring certain interests owned by unknown or unlocatable owners be reserved, reported, and deposited in a fund administered by the State Treasurer; creating the Unknown and Unlocatable Coal Interest Owners Fund to be administered by the State Treasurer; providing for certain administrative expenses; providing a mechanism for surface owners to acquire title to certain severed coal interests and moneys held by the Treasurer therefor; providing limitations of liability for certain nonconsenting co-tenants; preserving and affirming certain common law statutory rights concerning the relationship between the surface and the coal estates; requiring certain provisions be read in conjunction and not in conflict with the West Virginia Uniform Unclaimed Property Act; providing certain reporting requirements and administrative duties; permitting investment of moneys in the fund with the West Virginia Board of Treasury Investments; requiring payment of lawful claims of unknown and unlocatable interest owners; providing for certain notice requirements; providing for the crediting of certain amounts to an owner’s account and payment of certain interest earned; and providing for rule-making authority.”

Adopted

Rejected