SRC-TJG H.B. 2021 78(R)    BILL ANALYSIS


Senate Research CenterH.B. 2021
78R5662 MI-FBy: Farabee (Armbrister)
                Natural Resources
4/25/2003
Engrossed

DIGEST AND PURPOSE 

Some believe that to protect the interest of texas and make the work of
the Railroad Commission of Texas (commission) more effectively, timely
notice of bankruptcy filings by regulated oil and gas entities is
necessary.  H.B. 2021 requires organizations regulated by the commission
to notify the commission in the event the organization or any affiliate
files for federal bankruptcy protection. 

RULEMAKING AUTHORITY

This bill does not expressly grant any additional rulemaking authority to
a state officer, institution, or agency. 

SECTION BY SECTION ANALYSIS

SECTION 1.  Amends Section 91.142, Natural Resources Code, by adding
Subsection (h), to require an entity described by Subsection (a) or an
affiliate of such an entity that files for federal bankruptcy protection,
to enable the Railroad Commission of Texas (commission) to better protect
the state's resources, to give written notice to the commission of that
action by submitting the notice to the office of general counsel not later
than the 30th day after the date of filing. 
 
SECTION 2.  (a)  Effective date:  September 1, 2003.

 (b)  Makes application of this Act prospective.