IL HB0313

Increases the threshold for annual aggregate payment remittance from $25 to $100 for oil and gas proceeds owed to payees.

Requires payors to pay oil and gas proceeds within 150 days after the end of the month of first purchase, then on a schedule specified in the lease or written agreement.

Establishes payment timelines for subsequent production: 60 days after month-end for oil and 90 days after month-end for gas if no agreement specifies otherwise.

Requires payors to pay interest on late payments at the New York Federal Reserve Bank rate, unless a different rate is agreed upon in writing.

Mandates payees provide written notice to payors before pursuing judicial action for nonpayment, and allows payors 30 days to pay or provide written explanation for nonpayment.