A low -level exception occurred in: ImporterMPEG (Importer:39)

Hi all!

For the past few weeks, I've been running into the error mentioned above. Whenever I try to import MOV or mp4 footage, I get the error box on the right.

I have been searching for a solution for a long time and tried all the recommended fixes, with no success. From disabling hardware accelerated encoding and decoding, to a full clean install of premiere pro's latest version. 

The only workaround that helped, was renaming the extension of the video files from .mp4 or .mov to .m2ts. However, my application was still having some stability issues while I edited, not to mention errors when exporting.

My specs are:

Intel Core i7-7700HQ CPU @2.80Ghz 

16GB of Ram

GTX 1070 

Windows 10 home ver. 1909

I'd appreciate any help in solving this issue.