HB 1525 Summary

• Requires Petroleum Storage Tank Indemnity Fund bills that change the distribution of assessments or decrease deposits to the fund to receive approval of at least two-thirds of each house of the legislature to become law.

• Exempts bills that appropriate monies from the fund solely for increasing administrative costs of the Indemnity Fund or Corporation Commission functions from the two-thirds vote requirement.

• Defines "Petroleum Storage Tank Indemnity Fund bill" as any bill amending Section 354 of Title 17 or impacting the distribution of assessments set forth in that section.

• Amends Section 358 of Title 17 to require the Corporation Commission's annual report include detailed information on assessment distribution percentages to each eligible fund and total assessments collected during the preceding year.

• Effective date: November 1, 2013.