Sec. 1. 1 MRSA c. 22 is enacted to read:

CHAPTER 22

PRIVATE PROPERTY PROTECTION ACT

§841.__Short title

This chapter may be known and cited as "the Private Property Protection Act."

§842.__Definitions

As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.

1.__Implementation of regulation.__"Implementation of a regulation" means the rendering of a final administrative decision on an application for decision under a regulation, the occurrence of the effective date of a regulation, or any other application of the regulation to a piece of property.

2.__Owner.__"Owner" means the individual, business, corporation or other legal entity that holds legal title to the property.

3.__Preregulatory fair market value.__"Preregulatory fair market value" means the fair market value of a piece of property on the day before the implementation of a regulation caused the property value to fall by at least 25%.

4.__Regulation.__"Regulation" means any law, rule or ordinance that directly or indirectly affects the value of property, including a land use or zoning ordinance or law.

§843.__Regulatory takings

1.__Regulatory takings.__For purposes of this Act, whenever implementation of a regulation by the State reduces the fair market value of real property by at least 25% of its preregulatory fair market value, the property is deemed to be taken for the use of the public.

2.__Purchase or compensation required.__The owner of property deemed to be taken under subsection 1 may file a petition in Superior Court in the district in which the property is located to require the State to purchase the property at the preregulatory fair market value or to pay compensation for the