Bill > SB3113

This bill amends the Illinois Oil and Gas Act to redefine terms and adjust penalties and fees related to oil and gas operations. Key changes include clarifying definitions for terms like "Department," "Director," "drilling unit," and "orphan well," and updating the definition of "oil" to be more precise. The bill also modifies provisions regarding the delegation of duties by a credit union's board of directors, allowing them to delegate the hiring of employees other than the chief management official, including vice presidents and other officers, and to fix their titles, grades, and compensation. It removes provisions related to credit unions engaging in digital asset business activities and performing custodial services, but clarifies that when marketing digital assets, members must receive specific information. Furthermore, the bill adjusts civil penalties for violations, increasing the daily penalty for prolonged violations and specifying that penalties exceeding $1,000 per day will be deposited into the Plugging and Restoration Fund. It also mandates that half of the annual fees collected for wells in temporary abandonment status be used for the Landowner Grant Program. Finally, the bill clarifies that certain fees collected under the Act will be deposited into the Plugging and Restoration Fund or the Underground Resources Conservation Enforcement Fund.