§37B-2-1. Short Title

This article shall be known and may be cited as the “Unknown and Unlocatable Interest Owners Act.”

§37B-2-2. Relationship Between Unknown and Unlocatable Interest Provisions and Unclaimed Property Provisions

The provisions of this article shall be read in conjunction and not in conflict with the provisions of the West Virginia Uniform Unclaimed Property Act in §36-8-1 et seq. of this code.

§37B-2-3. Definitions

Terms used in this article shall have the meanings as provided in §36-8-1 et seq. and §37B-1-1 et seq. of this code. In addition, as used in this article: “Reserved interests” means all amounts payable for the use, development, extraction, production or sale of minerals due for an unknown or unlocatable interest owner. The term […]

§37B-2-4. Report of Unknown and Unlocatable Interest Owners

(a) The holder shall make a report to the administrator each calendar quarter concerning each reserved interest for each unknown or unlocatable interest owner and shall concurrently remit the amount reserved to the administrator. The quarterly report and remittances shall be submitted by the first day of the month following each calendar quarter. (b) The […]

§37B-2-5. Unknown and Unlocatable Interest Owners Fund; Duties of the State Treasurer

(a) The Unknown and Unlocatable Interest Owners Fund is created in the State Treasury as a special revenue and interest-bearing account to be administered by the State Treasurer for the purposes prescribed in this article. (b) The administrator shall deposit all moneys received pursuant to §37B-1-1 et seq. and §37B-2-1 et seq. of this code […]

§37B-2-6. Crediting of Interest to Owner’s Account

(a) The administrator shall credit the amount of interest earned to each owner’s account and shall pay the interest earned when a claim is paid on that account. (b) In no event shall the administrator be required to pay the owner any income or gain realized or accruing on the account after the third anniversary […]

§37B-2-7. Rules

On or before July 1, 2018, the administrator shall promulgate emergency legislative rules in accordance with the provisions of §29A-3-15 of this code. The administrator shall propose legislative rules for promulgation in accordance with the requirements of the Secretary of State and the provisions of §29A-1-1 et seq. of this code to otherwise effectuate the […]

§37B-2-8. Severability Clause

The provisions of this article are severable and accordingly, if any part of this article is adjudged to be unconstitutional or invalid, that determination does not affect the continuing validity of the remaining provisions of this article.

§37B-2-9. Effective Date

This article shall take effect on July 1, 2018.