Flood Insurance Reform and Modernization Act of 2007

To restore the financial solvency of the national flood insurance program, and for other purposes.

3/26/2007--Introduced.
Flood Insurance Reform and Modernization Act of 2007 - Instructs the Comptroller General to study and report to Congress on:
(1) the status of the national flood insurance program for specified pre-FIRM properties (containing a structure neither constructed nor substantially improved after the later of December 31, 1974, or the effective date of the initial rate map published by the Director of the Federal Emergency Management Agency (FEMA) under the National Flood Insurance Act of 1968 (NFIA) for the pertinent area);
(2) the extension of mandatory flood insurance coverage purchase requirements to properties located in any area that would be designated as having special flood hazards but for the existence of a structural flood protection system; and
(3) the mandatory purchase requirement in connection with non-federally related loans. Amends the NFIA to include nonresidential properties and nonprimary residences within the guidelines for actuarial rate properties. Amends the Flood Disaster Protection Act of 1973 to increase civil monetary penalties. Amends the NFIA to:
(1) increase flood insurance coverage for residential property;
(2) provide coverage for necessary increases in living expenses, basement improvements, business interruption, and replacement cost of contents;
(3) provide for notification to tenants of the availability of contents insurance; and
(4) increase borrowing authority for the flood insurance program. Requires FEMA, upon request, to participate in state disaster claims mediation programs. Authorizes grants for outreach to property owners and renters to encourage purchase of flood insurance protection. Extends funding through FY2011 for the pilot program for mitigation of severe repetitive loss properties. Includes demolition and rebuilding activities within the flood mitigation assistance program. Amends the Real Estate Settlement Procedures Act of 1974 to require good faith estimates to state that flood insurance coverage for residential real estate is generally available, whether or not the real estate is located in an area having special flood hazards. Instructs the FEMA Director to:
(1) establish a decisions appeals process for flood insurance policyholders;
(2) establish a program to review, update, and maintain flood insurance program maps; and
(3) clarify the applicability of replacement cost coverage. Reestablishes the Technical Mapping Advisory Council.


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Sponsor

• Rep. Barney Frank [D, MA-4]
• and 16 Co-Sponsors
  • Rep. Robert Andrews [D, NJ-1]
  • Rep. Richard Baker [R, LA-6]
  • Rep. Shelley Berkley [D, NV-1]
  • Rep. Judy Biggert [R, IL-13]
  • Rep. Earl Blumenauer [D, OR-3]
  • Rep. Virginia Brown-Waite [R, FL-5]
  • Rep. Jo Ann Davis [R, VA-1]
  • Rep. Peter King [R, NY-3]
  • Rep. Tim Mahoney [D, FL-16]
  • Rep. Doris Matsui [D, CA-5]
  • Rep. Gary Miller [R, CA-42]
  • Rep. Patrick Murphy [D, PA-8]
  • Rep. Carol Shea-Porter [D, NH-1]
  • Rep. Gene Taylor [D, MS-4]
  • Rep. Debbie Wasserman Schultz [D, FL-20]
  • Rep. Maxine Waters [D, CA-35]
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Committees

• House Financial Services
• 1 more
  • House Financial Services
  close

Amendments

This bill has no amendments.

Amendments to H.R.1682

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
March 26, 2007

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All Bill Actions

• Jun 12, 2007: Subcommittee Hearings Held.
• Jun 07, 2007: Referred to the Subcommittee on Housing and Community Opportunity.
• Mar 26, 2007: Referred to the House Committee on Financial Services.
• Introduced on Mar 26, 2007.

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Related Bills:

• H.R.3121

Related Issue Areas:

• Emergency management
• Administrative remedies
• Budgets
• Business
• 36 more
• Claims
• Congress
• Congressional investigations
• Congressional reporting requirements
• Consumer education
• Consumers
• Disaster insurance
• Economic impact statements
• Economic policy
• Executive departments
• Federal Emergency Management Agency
• Federal advisory bodies
• Federal employees
• Federal-state relations
• Finance
• Fines (Penalties)
• Flood control
• Floods
• Government employees
• Government information
• Government publicity
• Grants-in-aid
• Housing
• Industrial buildings
• Insurance premiums
• Landlord and tenant
• Law
• Losses
• Maps
• Mediation
• Mortgages
• Real estate business
• Recruiting of employees
• Rental housing
• Second homes
• State and local government

Data from the Congressional Research Service

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In the News

July 27, 2007 Flood, Wind Insurance Overhaul Measure Moving Forward

The legislation combines a bill to overhaul the National Flood Insurance Program (HR 1682), with a measure (HR 920) sought by Gulf Coast lawmakers that ...

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Source: Helicopter Association International, VA

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June 19, 2007 The Topic - Catastrophes: Insurance Issues

Among other things, HR 1682 would cut costs by gradually eliminating the flood insurance subsidy for about 450000 vacation and second homes as well as for ...

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Source: knox.VillageSoup.com, ME

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June 13, 2007 MAPPS Testifies before Congress on Flood Map Reform

Maune made his comments in a hearing on “The Flood Insurance Reform and Modernization Act of 2007, HR 1682.” Maune said in his oral testimony, “HR 1682 is a ...

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Source: Spatial News (press release), FL

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Blog Coverage

August 02, 2008 Flood Insurance for Your Home or Real Estate Investment

In June the National Association of Realtors (NAR) testified before the House Subcommittee on Housing and Community Opportunity to support HR 1682, the Flood Insurance Reform and Modernization Act of 2007. Vince Malta, vice-chair of the ...

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Source: Insurance | First - Insurance: All about insurance

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June 28, 2008 Flood Insurance for Your Home or Real Estate Investment

In June the National Association of Realtors (NAR) testified before the House Subcommittee on Housing and Community Opportunity to support HR 1682, the Flood Insurance Reform and Modernization Act of 2007. Vince Malta, vice-chair of the ...

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Source: Bagga

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May 17, 2008 Flood Insurance for Your Home or Real Estate Inves

In June the National Association of Realtors (NAR) testified before the House Subcommittee on Housing and Community Opportunity to support HR 1682, the Flood Insurance Reform and Modernization Act of 2007. Vince Malta, vice-chair of the ...

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Source: Flixya.com Blogs

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