A bill for an act relating to pipeline project investor disclosures, making penalties applicable, and providing effective date and retroactive applicability provisions.

Senate

File

2058

-

Introduced

SENATE

FILE

2058

BY

TAYLOR

A

BILL

FOR

An

Act

relating

to

pipeline

project

investor

disclosures,

1

making

penalties

applicable,

and

providing

effective

date

2

and

retroactive

applicability

provisions.

3

BE

IT

ENACTED

BY

THE

GENERAL

ASSEMBLY

OF

THE

STATE

OF

IOWA:

4

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2058

Section

1.

Section

479B.4,

subsection

1,

Code

2026,

is

1

amended

to

read

as

follows:

2

1.

A

pipeline

company

doing

business

in

this

state

shall

3

file

a

verified

petition

with

the

commission

asking

for

a

4

permit

to

construct,

maintain,

and

operate

a

new

pipeline

5

along,

over,

or

across

the

public

or

private

highways,

grounds,

6

waters,

and

streams

of

any

kind

in

this

state.

Any

pipeline

7

company

now

owning

or

operating

a

pipeline

or

underground

8

storage

facility

in

this

state

shall

be

issued

a

permit

by

the

9

commission

upon

supplying

the

information

as

provided

for

in

10

section

479B.5,

subsections

1

through

5

,

section

479B.34,

and

11

meeting

the

requirements

of

section

479B.13

.

12

Sec.

2.

NEW

SECTION

.

479B.34

Investor

disclosures

seeking

13

the

right

of

eminent

domain.

14

1.

For

purposes

of

this

section,

“investor”

means

a

natural

15

person

who

owns

a

beneficial

interest

of

greater

than

one

16

dollar

in

a

planned

pipeline

project,

either

directly

or

17

through

a

business

association,

as

defined

in

section

202B.102.

18

2.

A

pipeline

company

seeking

the

right

of

eminent

domain

19

for

a

pipeline

project

shall

include

in

its

permit

application

20

all

of

the

following:

21

a.

The

names

of

all

planned

pipeline

project

investors.

22

b.

The

home

addresses

of

all

planned

pipeline

project

23

investors.

24

c.

Each

investor’s

range

of

planned

monetary

investment

as

25

follows:

26

(1)

At

least

one

dollar,

but

less

than

ten

thousand

dollars.

27

(2)

At

least

ten

thousand

dollars,

but

less

than

fifty

28

thousand

dollars.

29

(3)

At

least

fifty

thousand

dollars,

but

less

than

one

30

hundred

thousand

dollars.

31

(4)

At

least

one

hundred

thousand

dollars,

but

less

than

32

five

hundred

thousand

dollars.

33

(5)

At

least

five

hundred

thousand

dollars,

but

less

than

34

one

million

dollars.

35

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(6)

Over

one

million

dollars.

1

3.

A

pipeline

company

that

fails

to

accurately

and

fully

2

comply

with

the

disclosures

required

by

this

section

shall

be

3

assessed

a

civil

penalty

of

not

less

than

one

million

dollars

4

by

the

commission,

and

each

resident

of

the

state

of

Iowa

shall

5

have

a

cause

of

action

against

the

pipeline

company

and

the

6

commission

for

all

damages

incurred

by

the

resident

caused

by

7

the

violation.

8

Sec.

3.

EFFECTIVE

DATE.

This

Act,

being

deemed

of

immediate

9

importance,

takes

effect

upon

enactment.

10

Sec.

4.

APPLICABILITY.

This

Act

applies

retroactively

to

11

an

application

to

construct

a

pipeline

submitted

on

or

after

12

July

1,

2019.

13

EXPLANATION

14

The

inclusion

of

this

explanation

does

not

constitute

agreement

with

15

the

explanation’s

substance

by

the

members

of

the

general

assembly.

16

This

bill

relates

to

pipeline

project

investor

disclosures.

17

The

bill

defines

“investor”

as

a

natural

person

who

owns

a

18

beneficial

interest

of

greater

than

$1

in

a

planned

pipeline

19

project,

either

directly

or

through

a

business

association.

20

The

bill

provides

that

a

pipeline

company

seeking

eminent

21

domain

rights

shall

include

investor

information

in

the

22

application

for

a

permit

submitted

to

the

utilities

board.

The

23

permit

application

shall

include

the

names

and

home

addresses

24

of

all

planned

pipeline

investors

and

the

range

of

planned

25

investment

per

investor

as

indicated

in

a

range

from

$l

to

26

$9,999.99,

$10,000

to

$49,999.99,

$50,000

to

$99,999.99,

27

$100,000

to

$499,999.99,

$500,000

to

$999,999.99,

or

$1

million

28

or

over.

29

The

bill

provides

that

if

a

pipeline

company

fails

to

30

accurately

and

fully

comply

with

the

disclosures

required,

31

the

commission

shall

assess

a

civil

penalty

of

not

less

than

32

$1

million.

Additionally,

the

bill

creates

a

cause

of

action

33

for

residents

of

the

state

if

a

violation

occurs

for

all

34

damages

incurred

by

the

resident

due

to

the

violation.

35

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2058

The

bill

takes

effect

upon

enactment.

The

bill

applies

1

retroactively

to

applications

submitted

by

pipeline

companies

2

seeking

the

right

of

eminent

domain

on

or

after

July

1,

2019.

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