(1) As used in this section:
(a) “Low-potential resource real property” means real property that is located:
- (A) Inside an urban growth boundary; or
- (B) Within an area zoned for residential use on a lot or parcel that is three acres or smaller in size.
(b) “Owner” means:
- (A) The record holder of fee title interest in low-potential resource real property; or
- (B) The contract purchaser of low-potential resource real property.
- (2) The Department of State Lands is declared to be the state agency acting for the state in any transaction respecting mineral and geothermal resource rights in low-potential resource real property.
- (3) The department may not reserve mineral and geothermal resource rights in low-potential resource real property sold or exchanged by the state, unless the department determines that a significant mineral or geothermal resource exists in the low-potential resource real property.
(4)
- (a) An owner may apply at any time to the department for the release and transfer of mineral and geothermal resource rights in low-potential resource real property that were reserved by the state before June 4, 2013.
- (b) Upon application by the owner under this subsection, the department shall release and transfer to the owner the reserved rights to mineral and geothermal resources in low-potential resource real property within 60 days after the department receives the completed application, unless the department determines that a significant mineral or geothermal resource exists in the low-potential resource real property.
(5) The department may not:
- (a) Require an owner to obtain an appraisal under this section; or
- (b) Require an owner to pay the cost of an appraisal conducted at the request of the department under this section.
- (6) The department may charge a reasonable fee, not to exceed $150, to process an application under this section.
- (7) The department may adopt rules to implement this section.
[2003 c.676 §3; 2013 c.256 §2]