Provides that, prior to June 30, 2017, the deductions authorized under this act shall not exceed thirty percent of the moneys received by the department in connection with any one transaction pertaining to state lands. After July 1, 2017, the deductions authorized under this act shall not exceed twenty-five percent of the moneys received by the department in connection with any one transaction pertaining to state lands.

Provides that, beginning December 1, 2008, and continuing until December 1, 2017, the commissioner, on behalf of the board, shall report each biennium to the appropriate committees of the legislature a summary of any actions taken by the board to adjust management fees as authorized in this act.