Provides greater conformity with the state's geothermal resources statutes and the federal statutes defining geothermal resources.

Clarifies that ownership of geothermal resources resides with the surface owner unless the interest is otherwise reserved or conveyed.

Encourages and fosters the development of geothermal resources.

Clarifies the respective regulatory roles of state agencies.

Creates the geothermal account.

Gives responsibility to the state treasurer for distribution of funds from the geothermal account to the county of origin.