CA SB1472

Repeals most existing provisions regarding indemnity lands and lieu lands, while preserving the State Lands Commission's general authority to select indemnity lands for losses to school land grants.

Authorizes the State Lands Commission to pay typical costs and expenses of school land sales (such as escrow or third-party costs) from the School Land Bank Fund when in the state's best interest.

Protects existing vested rights under repealed provisions and rights of purchasers of school lands sold before the effective date of the repeal.

Establishes that as of January 1, 2020, the commission has acquired approximately 81,643 acres of indemnity school lands and is owed approximately 51,000 additional acres.

Maintains the Commission's authority to select federal lands equal in area to acres owed as indemnity when determined to be in the state's best interest.