S 3089
Replaces certain fixed interest rate award in eminent domain cases with interest rate based on just compensation awards.
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Sign in to take action- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Bill overview
This bill changes how interest is calculated when the state takes private property through eminent domain. Currently, a fixed interest rate is used, but this bill proposes replacing it with an interest rate based on the ‘just compensation’ awarded to the property owner. It also amends several sections of existing laws related to eminent domain proceedings, including procedures for notifying property owners and managing trust funds for compensation.
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