OK HB1525

Petroleum Storage Tank Indemnity Fund bills that change assessment distribution or decrease deposits to the Fund require approval of at least two-thirds (2/3) of each house of the Legislature to become law.

Exception: The two-thirds requirement does not apply to bills that appropriate funds from the Indemnity Fund for administrative costs or related Corporation Commission functions.

A "Petroleum Storage Tank Indemnity Fund bill" is defined as any bill amending Section 354 of Title 17 or any bill 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, administrative expenditures, and funds needed to close all pending claims.

Effective date: November 1, 2013.