Synopsis As Introduced Creates the Cable and Video Competition Law of 2007 in the Public Utilities Act. Provides that a person or entity seeking to provide cable service or video service must file an application with and obtain a State-issued authorization from the Illinois Commerce Commission. Provides that the holder of a State-issued authorization must: (1) comply with rules concerning customer service and privacy protection; (2) designate a sufficient amount of capacity on its network to provide for the same number of public, education, and government access channels that are in actual use; (3) comply with provisions concerning the emergency alert system; and (4) comply with provisions concerning applicable fees payable to and audits by local units of government. Contains provisions concerning the local unit of government's authority over the holder of a State-issued authorization. Specifies the requirements for a holder of a State-issued authorization to provide video services. Contains provisions concerning the access to property and payment for access by the holder of a State-issued authorization. Provides that the Law shall be enforced only by a court of competent jurisdiction. Preempts home rule. Amends other Acts to provide that they are subject to the provisions added to the Public Utilities Act. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.