(1) As used in this section:
(a) “Owner” means:
(A) The record holder of fee title interest in residential real property; or
(B) The contract purchaser of residential real property.
(b) “Residential real property” means real property that is sold by the Department of State Lands for the State Land Board and 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.
(2) An owner may apply to the department for release and transfer of the rights to mineral or geothermal resources reserved by the State of Oregon.
(3) Upon application by the owner, the department shall release and transfer to the owner the reserved rights to mineral and geothermal resources within 30 days after the first board meeting that is at least 60 days after the department received the completed application for release and transfer of the rights, unless the board finds that a significant mineral or geothermal resource exists. If the board finds that a significant mineral or geothermal resource exists, the owner may:
(a) Offer to purchase the resource for the value of the resource; or
(b) Withdraw the application.
(4) If the board finds that a significant mineral or geothermal resource exists under subsection (3) of this section and the owner offers to purchase the resource for the value of the resource:
(a) The board shall determine the value of the resource on the basis of an appraisal conducted by a state certified appraiser certified under ORS 674.310 or by a geologist who is registered under ORS 672.505 to 672.705 and qualified to assess the value of mineral and geothermal deposits.
(b) The board 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 board under this section.
(5) The department may charge a reasonable fee, not to exceed $150, to process an application under this section.
(6) The department may adopt rules to implement this section. [2003 c.676 §3]
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