Action:
Regulatory action to clarify the process for escrow and unlocatable parties.
Action 6585
General Information
| Action Summary |
4VAC25-160-10 and 4VAC25-160-90 pertain to definitions and practices of escrow for unknown or unlocatable gas and oil owners.
Recent review of regulatory guidance related to the Virginia Gas and Oil Board found language related to escrow for unknown and unlocatable parties that needs to be clarified to reflect current practice and process. Current language is unclear on the direction of funds for unknown or unlocatable gas and oil owners. New language clarifies current practice of distributing these funds to the Department of Treasury’s Unclaimed Property Division to be held and distributed according to §45.2-1600. The Virginia Gas and Oil Board does not have means to hold or have procedures for distribution of said funds.
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| Chapters Affected |
Only affects this chapter.
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| Executive Branch Review |
This action will go through the normal Executive Branch Review process.
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| RIS Project |
Yes [8081] |
| New Periodic Review |
This action will not be used to conduct a new periodic review.
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Stages
Stages associated with this regulatory action.
| Stage ID |
Stage Type |
Status |
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10486
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Fast-Track
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Secretary of Commerce and Trade review in progress. |
Contact Information
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Name / Title:
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Larry Corkey
/
Policy & Planning Manger
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Address:
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Department of Energy 1100 Bank Street, 8th Floor
Richmond, VA 23219-3402
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Email Address:
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larry.corkey@energy.virginia.gov
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Phone:
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(804)692-3239
FAX: ()-
TDD: ()-
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