Do you support this bill?

Assembly Bill A2654

2017-2018 Legislative Session

Requires a certain statement to be included in all oil, gas or mineral leases

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

co-Sponsors

multi-Sponsors

2017-A2654 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
General Obligations Law
Laws Affected:
Amd §5-333, Gen Ob L
Versions Introduced in Other Legislative Sessions:
2011-2012: A8483
2013-2014: A839
2015-2016: A5390

2017-A2654 (ACTIVE) - Summary

Requires a certain statement, to be printed in at least ten point bold type and included in all oil, gas or mineral leases which notifies the lessee of the potential effects of such lease.

2017-A2654 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2654
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 20, 2017
                                ___________
 
 Introduced by M. of A. LIFTON, JAFFEE, ROSENTHAL, ENGLEBRIGHT, ABINANTI,
   TITONE -- Multi-Sponsored by -- M. of A. DINOWITZ, GLICK, GOTTFRIED --
   read once and referred to the Committee on Judiciary
 
 AN  ACT to amend the general obligations law, in relation to requiring a
   certain statement to be included in all oil, gas or mineral leases

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Section 5-333 of the general obligations law is amended by
 adding a new subdivision 5-a to read as follows:
   5-A. ON OR AFTER JANUARY FIRST, TWO THOUSAND EIGHTEEN, ANY OIL, GAS OR
 MINERAL LEASE SHALL CONTAIN THE FOLLOWING STATEMENT PRINTED IN AT  LEAST
 TEN POINT BOLD TYPE:
 EXECUTION  OF  A VALID OIL, GAS OR MINERAL LEASE MAY IN SOME SITUATIONS,
 PREVENT YOUR PROPERTY  FROM  BEING  ELIGIBLE  FOR  TITLE  INSURANCE,  OR
 PREVENT  LENDING  INSTITUTIONS  FROM  BEING  ABLE TO ISSUE A MORTGAGE ON
 LEASED PROPERTY, OR NEIGHBORING PROPERTY, THEREBY,  IN  ALL  LIKELIHOOD,
 LOWERING THE OVERALL VALUE OF YOUR HOME AND LAND.
   §  2.  This  act shall take effect immediately, and shall apply to all
 agreements,  leases  and  contracts  entered  into,   issued,   renewed,
 extended, altered or modified on or after such effective date.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07916-01-7

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.