HR 470 — To repeal the mandatory flood insurance coverage requirement for commercial properties located in flood hazard areas, and for other purposes.

Summary

This bill limits the required purchase of flood insurance in certain circumstances to only residential properties (currently, the requirement applies to all types of property).

Bill Text

• Introduced Introduced in House Current html January 10, 2019

From the bill's own amending language, matched to the official United States Code (current through Public Law 119-121).

Also cites: 42 U.S.C. § 4003, 42 U.S.C. § 4012a, 42 U.S.C. § 4104a, 42 U.S.C. § 4104b, 42 U.S.C. § 4121

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill removes the mandatory flood insurance requirement for commercial properties in flood hazard areas and specifies 'residential improved real estate' for insurance requirements.

• 42 U.S.C. 4003

  12) `residential improved real estate' means improved real estate that-- (A) is primarily used for residential purposes, as defined by the Federal entities for lending regulation; and (B) secures financing or financial assistance provided through a federally related single family loan program, as defined by the Federal entities for lending regulation.

  Defines 'residential improved real estate' to clarify what properties require flood insurance.

• 42 U.S.C. 4012a

  in paragraph (1)(A) not to make, increase, extend, or renew any loan secured by improved real estate or a mobile home located or to be located in an area that has been identified by the Administrator as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968 → in paragraph (1)(A) not to make, increase, extend, or renew any loan secured by residential improved real estate or a mobile home located or to be located in an area that has been identified by the Administrator as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968

  Limits the flood insurance requirement to residential properties.

• 42 U.S.C. 4012a

  in paragraph (2) not to make, increase, extend, or renew any loan secured by improved real estate or a mobile home located or to be located in an area that has been identified by the Administrator as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968 → in paragraph (2) not to make, increase, extend, or renew any loan secured by residential improved real estate or a mobile home located or to be located in an area that has been identified by the Administrator as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968

  Specifies that the flood insurance requirement applies only to residential properties.

• 42 U.S.C. 4012a

  in paragraph (3)(A) secured by improved real estate or a mobile home located or to be located in an area that has been identified by the Administrator as an area having special flood hazards and in which flood insurance is available under the National Flood Insurance Act of 1968 → in paragraph (3)(A) secured by residential improved real estate or a mobile home located or to be located in an area that has been identified by the Administrator as an area having special flood hazards and in which flood insurance is available under the National Flood Insurance Act of 1968

  Clarifies that only residential improved real estate is subject to the flood insurance requirement.

• 42 U.S.C. 4104a

  as a condition of making, increasing, extending, or renewing any loan secured by improved real estate or a mobile home that the regulated lending institution determines is located or is to be located in an area that has been identified by the Administrator under this chapter or the Flood Disaster Protection Act of 1973 as an area having special flood hazards → as a condition of making, increasing, extending, or renewing any loan secured by residential improved real estate or a mobile home that the regulated lending institution determines is located or is to be located in an area that has been identified by the Administrator under this chapter or the Flood Disaster Protection Act of 1973 as an area having special flood hazards

  Restricts the notification requirement to residential improved real estate.

• 42 U.S.C. 4104b

  that is located in an area identified by the Administrator as an area having special flood hazards → that is located in an area identified by the Administrator as an area having special flood hazards for residential improved real estate

  Specifies that the determination of flood risks applies to residential improved real estate.

Action History

1. January 10, 2019

   Introduced in House

2. January 10, 2019

   Introduced in House

3. January 10, 2019

   Referred to the House Committee on Financial Services.

Sponsors

• Blaine Luetkemeyer · Primary

Subjects