Bank Investment in Subsurface Rights Act
The source supplies the latest action, but no lifecycle stage.
Latest action (5 Aug 1998): Referred to the Subcommittee on Financial Institutions and Consumer Credit.
What this bill does
The Bank Investment in Subsurface Rights Act would amend existing U.S. law to allow national banks to hold passive investments in subsurface real estate rights. This would permit banks to retain these rights if they were acquired during the course of banking business and are recorded on the bank's books for a nominal value. The bill specifies that banks cannot be actively involved in production or extraction related to these rights and requires separate disclosure of any earnings from them.
The Comptroller of the Currency would have the authority to order a national bank to sell off these subsurface rights if the Comptroller believes continued ownership is harmful to the bank's financial health. This bill was introduced in the House of Representatives in 1998 and was referred to the Committee on Banking and Financial Services. It has not advanced beyond the introduction stage.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Bank Investment in Subsurface Rights Act - Amends the Revised Statutes of the United States governing the national banks to cite circumstances under which a national bank may hold, passively, subsurface real estate rights. Authorizes the Comptroller of the Currency to order a national bank to divest itself of such rights if the Comptroller determines that continued ownership is detrimental to its interests.
Timeline
5 Aug 1998
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Common questions
- What does H.R. 4348 do?
- The Bank Investment in Subsurface Rights Act would amend existing U.S. law to allow national banks to hold passive investments in subsurface real estate rights. This would permit banks to retain these rights if they were acquired during the course of banking business and are recorded on the bank's books for a nominal value. The bill specifies that banks cannot be actively involved in production or extraction related to these rights and requires separate disclosure of any earnings from them. The Comptroller of the Currency would have the authority to order a national bank to sell off these subsurface rights if the Comptroller believes continued ownership is harmful to the bank's financial health. This bill was introduced in the House of Representatives in 1998 and was referred to the Committee on Banking and Financial Services. It has not advanced beyond the introduction stage.
- Has H.R. 4348 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 4348. Check the latest action and official source below.
- Who sponsored H.R. 4348?
- H.R. 4348 was sponsored by Rep. Sessions, Pete [R-TX-5] (R-TX), with 0 cosponsors.
- What's the latest action on H.R. 4348?
- Referred to the Subcommittee on Financial Institutions and Consumer Credit. (5 Aug 1998).
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