A bill requiring certain new procedures for the approval by the Interstate Commerce Commission of the acquisition and operation of railroad lines, and for other purposes.

Amends Federal law regarding railroad line operation and construction to prescribe the contents of a rail carrier's application to the Interstate Commerce Commission (the Commission) for approval of additional railroad line acquisition or construction.

Grants affected States a specified time within which to submit a written protest to the Commission. Requires the Commission, upon timely receipt of such protest, to review the proposed transaction in order to determine whether it will serve the public convenience and necessity.

Prohibits the Commission from approving the proposed transaction unless the application indicates that the carrier selling the railroad line is required to reacquire and resume common carrier transportation responsibilities over such line if, within two years after sale, the acquiring carrier ceases to provide transportation service.

Directs the Commission to determine a fair and reasonable refund to be paid by a carrier reacquiring a line to the carrier which has ceased to provide service. Prohibits the Commission from granting an applicant an exemption from Commission review unless: (1) an application for abandonment of the affected line has been approved; or (2) the length of trackage involved in the transaction is less than 50 miles.