SB 757 Summary

• Creates the "Private Property Protection Act" allowing property owners to sue in circuit court if a regulatory program permanently reduces fair market value by at least 20%

• Requires governmental units to either pay compensation for the reduction in property value or invalidate the regulatory program upon a finding of a taking

• Compensation must be paid by the 30th day after judgment, with court determining proportional contribution if multiple governmental units are involved

• Exempts from the act various regulatory programs including environmental protections, health and safety regulations, nuisance prohibitions, floodplain regulations, and municipal ordinances that apply uniformly across territorial jurisdiction

• Requires property owners to file lawsuits within 180 days of knowing or should have known the regulatory program restricted their property rights

• Mandates electric utilities (non-municipal, Public Service Commission-regulated) compensate private property owners at three times market value when acquiring land through eminent domain for transmission lines

• Declares an emergency effective upon gubernatorial approval or expiration of veto period