Detecting phenotypically relevant variation outside the coding sequence of genes and distinguishing it from the neutral variants is not trivial partly because the mechanisms by which a subset of the DNA polymorphisms in these regions affect gene regulation are poorly understood. Here we present an approach of using dominant genetic markers with convenient phenotypes to investigate the effect of cis and trans-acting regulatory variations. In the current study, we performed a forward genetic screen for natural variants that suppress or enhance the semi-dominant mutant allele Oy1-N1989 encoding the magnesium chelatase subunit I of maize. This mutant permits rapid phenotyping of leaf color as a reporter of chlorophyll accumulation, enabling QTL mapping and GWAS approaches to identify natural variation in maize affecting chlorophyll metabolism. Using different mapping approaches, we identified the same modifier locus, very oil yellow 1 (vey1), that was linked to the reporter gene itself. Based on the analysis of OY1 transcript abundance and study of a maize gene expression dataset, vey1 is predicted to be a cis-acting regulatory sequence polymorphism that causes the differential accumulation of OY1 transcripts encoded by the mutant and wild-type alleles. Fine mapping of the vey1 genomic region using multiple independent mapping populations demonstrated the value of multiple cycles of early generation random mating to increase recombination. The vey1 allele appears to be a common polymorphism in the maize germplasm that alters the expression level of a key gene in chlorophyll biosynthesis.