SRC-JLB S.B. 1385 78(R)   BILL ANALYSIS


Senate Research Center   S.B. 1385
78R5662 MI-FBy: Armbrister
Natural Resources
4/5/2003
As Filed


DIGEST AND PURPOSE 

Some believe that to protect the interest of the Railroad Commission of
Texas (commission) more effectively, timely notice of bankruptcy filings
by regulated organizations is necessary.  As proposed, S.B. 1385 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.