Provides that the laws regulating dams do not apply to a structure that is a low hazard dam or significant hazard dam that meets only one of the following conditions: (1) Has a drainage area above the dam of not more than one square mile. (2) Does not exceed 20 feet in height. (3) Does not impound a volume of more than 100 acre-feet of water. Requires the department of natural resources (department) to establish a classification system for dams based on: (1) the height of the structure and the volume of water impounded by the structure; and (2) the force of the water and the likely consequences resulting from the uncontrolled release of its contents due to a failure or misoperation of the structure. Changes the standard to determine potential consequences for a failure from "may cause" to "likely to cause". Provides that for a dam constructed after June 30, 2022, if the department determines that the property owner's structure is a high hazard, significant hazard, or low hazard dam, the department shall provide the property owner with a notice stating the classification of the dam that the property owner owns. Requires that, notwithstanding an engineering inspection performed by the property owner or a consultant of the property owner, the department provide the property owner notice at least five days before performing an inspection. Requires the property owner of a high hazard dam to prepare an emergency action plan and provide a copy to the department and the emergency management agency. Provides that changes to the law do not affect past inspections.