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OK HB1585
Bill
Status
2/4/2013
Primary Sponsor
Seneca Scott
Click for details
AI Summary
HB 1585 Summary
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Amends 52 O.S. 2011, Section 318.4 regarding bonds and undertakings for oil and gas operations in Oklahoma
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Oil and gas operators must file a corporate surety bond, letter of credit, cash, or certificate of deposit with the Secretary of State in the amount of $25,000 to cover location damages
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Updates statutory language by replacing outdated terms ("such," "said") with standard modern language ("the," "a")
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Requires the Secretary of State to hold security in a form readily payable to surface owners awarded damages in lawsuits, with a $10 filing fee per bond/document
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Takes effect November 1, 2013
Legislative Description
Oil and gas; updating statutory language relating to the deposit of bonds and other undertakings for damages; effective date.
Oil and Gas
Last Action
Second Reading referred to Energy and Aerospace
2/5/2013