A bill to repeal the Color of Title Act; to establish standards and procedures whereby certain persons in adverse possession of public lands may acquire legal title thereto; and for other purposes.

Permits any individual, association, partnership or corporation in adverse possession of public lands to obtain a patent to such lands from the Secretary of the Interior.

Sets forth the information to be included in a petition for such a patent.

Directs the Secretary to grant a patent to public lands if the petitioner, the petitioner's ancestors, or grantors have held such lands: (1) under color of title; (2) in good faith; (3) peacefully for at least 20 years; and (4) have improved such lands.

Establishes procedures for the review of such petitions.

Directs the Secretary, upon a determination that the petition is sufficient, to issue a patent for the interest claimed in an area of public land 50 acres or less upon the payment of $1.25 or less per acre.

Grants the Secretary the option of issuing a patent for more than 50 acres upon the payment of the required fee.

Requires the Secretary to obtain the consent of other Federal agencies to a patent award if a claim under this Act interferes with functions of such agencies. Authorizes the Secretary to issue a patent to a comparable tract of land or to pay the fair market value of the interest in the land claimed if such consent is not obtained. Permits the petitioner to elect compensation in lieu of substitute land.

Reserves to the United States all mineral interests in any land to which a patent is issued under this Act.

Prohibits the issuance of any patent if there is an unadjudicated claim adverse to the petitioner.

Establishes jurisdiction in the United States Courts of Appeals for the review of all final actions of the Secretary under this Act.