An act relating to legislative approval of telephone property sales and leases

This bill requires legislative approval for significant sales or leases of property owned by telephone companies regulated by the Public Utility Commission. It applies to transactions where the property represents 10 percent or more of a company's state-based assets used for public service, excluding routine replacements or exchanges. The process involves a Public Utility Commission hearing to determine if the transaction benefits the state, followed by a General Assembly vote for final approval. The law applies to any pending or future petitions filed on or after January 1, 2024, and takes effect immediately upon passage.