To require regulated lending institutions, Federal agency lenders, and Government-sponsored enterprises for housing to accept flood insurance coverage provided by a private entity that otherwise meets the requirements for the mandatory purchase of flood insurance to accept such flood insurance coverage as satisfaction of such requirements.
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To require regulated lending institutions, Federal agency lenders, and Government-sponsored enterprises for housing to accept flood insurance coverage provided by a private entity that otherwise meets the requirements for the mandatory purchase of flood insurance to accept such flood insurance coverage as satisfaction of such requirements.CommentsClose CommentsPermalink
Mr. NUNES (for himself, Mr. CHAFFETZ, and Mr. PAUL) introduced the following bill; which was referred to the Committee on Financial ServicesCommentsClose CommentsPermalink
To require regulated lending institutions, Federal agency lenders, and Government-sponsored enterprises for housing to accept flood insurance coverage provided by a private entity that otherwise meets the requirements for the mandatory purchase of flood insurance to accept such flood insurance coverage as satisfaction of such requirements.CommentsClose CommentsPermalink
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink
(B) in subparagraph (A), as designated by subparagraph (A) of this paragraph, by striking ‘less.’ and inserting ‘less; and’; andCommentsClose CommentsPermalink
‘(B) to accept private flood insurance as satisfaction of the flood insurance coverage requirement under subparagraph (A) if the coverage provided by such private flood insurance meets the requirements for coverage under such subparagraph.’;CommentsClose CommentsPermalink
(2) in paragraph (2), by inserting after ‘provided in paragraph (1)’ the following new sentence: ‘Each Federal agency lender shall accept private flood insurance as satisfaction of the flood insurance coverage requirement under the preceding sentence if the flood insurance coverage provided by such private flood insurance meets the requirements for coverage under such sentence.’;CommentsClose CommentsPermalink
(3) in paragraph (3), in the matter following subparagraph (B), by adding at the end the following new sentence: ‘The Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation shall accept private flood insurance as satisfaction of the flood insurance coverage requirement under the preceding sentence if the flood insurance coverage provided by such private flood insurance meets the requirements for coverage under such sentence.’; andCommentsClose CommentsPermalink
‘(5) Private Flood Insurance Defined- In this subsection, the term ‘private flood insurance’ means a contract for flood insurance coverage allowed for sale under the laws of any State.’.CommentsClose CommentsPermalink
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U.S. Congress - Text of H.R.1430 as Introduced in House Flood Insurance Choice Act
