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CO HB1124
Bill
Status
Failed
2/22/2017
Primary Sponsor
Perry Buck
Click for details
AI Summary
- Creates new statute requiring local governments that ban hydraulic fracturing to pay mineral interest owners the value of the mineral interest lost due to the prohibition
- Requires local governments that impose any moratorium on oil and gas activities to compensate oil and gas operators, mineral lessees, and royalty owners for all costs, damages, and losses of fair market value associated with the moratorium
- Compensation scope includes delay or loss of royalty payments, delay or loss in developing oil and gas resources, and delay or loss in realizing the value of mineral leases
- Takes effect at 12:01 a.m. on the day after the 90-day period following adjournment of the legislature, or August 9, 2017 if adjournment occurs on May 10, 2017
- Effect is contingent on referendum petition results; if challenged, the act will not take effect unless approved by voters at the November 2018 general election
Legislative Description
Local Government Liable Fracking Ban Oil And Gas Moratorium
Last Action
House Committee on State, Veterans, & Military Affairs Postpone Indefinitely
2/22/2017
Committee Referrals
State, Veterans, and Military Affairs1/26/2017
Full Bill Text
No bill text available