Abstract: Extends the Fishermen's Gear Compensation Fund and payments into the Underwater Obstruction Removal Fund until June 30, 2026.

Present law creates the Fishermen's Gear Compensation Fund to pay compensation for damages suffered by a commercial fisherman as a result of hitting or snagging on an obstruction or a hazard in waters of the state resulting from natural occurrences, oil and gas activities, or other activities where the obstruction is unknown. Provides that payments into the Underwater Obstruction Removal Fund will cease on June 30, 2022.

Proposed law extends payments into the Underwater Obstruction Removal Fund to June 30, 2026, and extends the existence of the Fishermen's Gear Compensation Fund to June 30, 2026.

Effective upon signature of governor or lapse of time for gubernatorial action.