Enacts GS 160D-912.1, prohibiting local governments from enacting or amending general ordinances to require an owner of a nonconforming sign, defined as an on-premises advertisement lawfully installed but that does not comply with current ordinances or regulations due to changed conditions, to bring the sign into compliance with current regulations without compensating the owner. Defines on-premises advertisement. Deems the local government to own the sign upon payment for the sign, and alternatively allows for the reimbursement of the difference of the fair market value of the nonconforming sign and the reasonable cost for the owner to bring the sign into compliance. Provides for the calculation of monetary compensation for a nonconforming sign without consideration of the effect of the ordinance or any diminution in value by the ordinance requiring removal. Establishes four exceptions to requiring a local government to compensate or reimburse an owner of a nonconforming sign, including (1) a voluntary agreement between the owner and the local government allowing for its removal after a set period of time and (2) when the nonconforming sign is a public nuisance or detrimental to public health or safety. Allows the local government to bring an action in superior court to determine monetary compensation to be paid in the event there is disagreement, with the court required to determine the factors set forth in its calculation. Specifies that these provisions do not affect a local government's power of eminent domain pursuant to GS Chapter 40A.