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


Senate Research CenterC.S.H.B. 2021
By: Farabee (Armbrister)
                Natural Resources
5/1/2003
Committee Report (Substituted)

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.  C.S.H.B. 2021 requires organizations, regulated by the
commission, which perform operations within the jurisdiction of 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 performing operations within the jurisdiction
of  the Railroad Commission of Texas that files for federal bankruptcy
protection, to enable the 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.