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House Bill 724 |
House Author: Guillen et al. |
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Effective: 9-1-13 |
Senate Sponsor: Zaffirini et al. |
House Bill 724 creates the Unclaimed Mineral Proceeds Commission to study and provide recommendations to the legislature regarding the distribution of mineral proceeds that are derived from an original land grant, owned by a descendant of an original grantee, unclaimed and presumed abandoned, and delivered to the comptroller of public accounts. The bill requires the commission to determine the amount of unclaimed original land grant mineral proceeds delivered to the comptroller that remain unclaimed on December 1, 2014, and to determine efficient and effective procedures under which the state may be required to determine the owners of the proceeds, notify the owners of the proceeds, and distribute the proceeds to the owners. The bill requires the commission to provide to the governor, lieutenant governor, and speaker of the house of representatives a final report on unclaimed original land grant mineral proceeds not later than January 1, 2015, and abolishes the commission on June 1, 2015.