The bill revises existing laws related to lakeshore protection by establishing a statute of limitations for actions against property owners or contractors who violate lakeshore regulations. Specifically, it sets a three-year period for initiating such actions, starting from the completion of construction or the issuance of a permit, whichever is later. However, this limitation does not apply to structures that were constructed illegally and cause documented harm to lakeshore stability, water quality, or aquatic life, or that create a public nuisance.

Additionally, the bill provides exemptions from future permitting requirements for minor ongoing maintenance, remodeling, or modifications to certain structures within the lakeshore protection zone, as long as these activities do not involve significant excavation or interfere with navigation. The definition of "minor" is specified as changes costing less than $10,000 over a five-year period. The bill also allows local governing bodies or the state to compensate property owners for the removal or alteration of structures if deemed necessary for lakeshore protection. The act is set to take effect immediately upon passage and approval.