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A BILL TO BE ENTITLED
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AN ACT
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relating to the manner in which a payor of proceeds derived from the |
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sale of oil or gas production is required to provide certain |
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information to a royalty interest owner. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 91.506, Natural Resources Code, is |
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amended to read as follows: |
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Sec. 91.506. EXEMPTION. If the payor obtains the written |
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consent of the royalty interest owner to provide the information |
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required by Section 91.502 [is provided] in some other manner and |
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the payor provides the information in that manner on a monthly |
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basis, the payor is not required to include the information on the |
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check stub, attachment to the payment form, or other remittance |
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advice. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2017. |