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).
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1307 Introduced in House (IH)]
<DOC>
118th CONGRESS
1st Session
H. R. 1307
To repeal the mandatory flood insurance coverage requirement for
commercial properties located in flood hazard areas, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 1, 2023
Mr. Luetkemeyer introduced the following bill; which was referred to
the Committee on Financial Services
_______________________________________________________________________
A BILL
To repeal the mandatory flood insurance coverage requirement for
commercial properties located in flood hazard areas, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. OPT-OUT OF MANDATORY COVERAGE REQUIREMENT FOR COMMERCIAL
PROPERTIES.
(a) Amendments to Flood Disaster Protection Act of 1973.--The Flood
Disaster Protection Act of 1973 is amended--
(1) in section 3(a) (42 U.S.C. 4003(a))--
(A) in paragraph (10), by striking ``and'' at the
end;
(B) in paragraph (11), by striking the period at
the end and inserting ``; and''; and
(C) by adding at the end the following new
paragraph:
``(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.''; and
(2) in section 102 (42 U.S.C. 4012a)--
(A) in subsection (b)--
(i) in paragraph (1)(A)--
(I) by inserting ``residential''
before ``improved real estate''; and
(II) by inserting ``residential''
before ``building or mobile home'';
(ii) in paragraph (2)--
(I) by inserting ``residential''
before ``improved real estate''; and
(II) by inserting ``residential''
before ``building or mobile home''; and
(iii) in paragraph (3)--
(I) in subparagraph (A), by
inserting ``residential'' before
``improved real estate''; and
(II) in the matter after and below
subparagraph (B), by inserting
``residential'' before ``building or
mobile home'';
(B) in subsection (c)(3), by striking ``, in the
case of any residential property, for any structure
that is a part of such property'' and inserting ``for
any structure that is part of a residential property'';
(C) in subsection (e)--
(i) in paragraph (1)--
(I) by inserting ``residential''
before ``improved real estate''; and
(II) by inserting ``residential''
before ``building or mobile home'' each
place such term appears; and
(ii) in paragraph (5)--
(I) in subparagraph (A)--
(aa) by inserting
``residential'' before
``improved real estate'' each
place such term appears; and
(bb) by inserting
``residential'' before
``building or mobile home''
each place such term appears;
(II) in subparagraph (B), by
inserting ``residential'' before
``building or mobile home'' each place
such term appears; and
(III) in subparagraph (C), by
inserting ``residential'' before
``building or mobile home''; and
(D) in subsection (h)--
(i) by inserting ``residential'' before
``improved real estate'' each place such term
appears; and
(ii) in the matter preceding paragraph (1),
by inserting ``residential'' before ``building
or mobile home''.
(b) Amendments to National Flood Insurance Act of 1968.--The
National Flood Insurance Act of 1968 is amended--
(1) in section 1364(a) (42 U.S.C. 4104a(a))--
(A) in paragraph (1), by inserting ``residential''
before ``improved real estate'';
(B) in paragraph (2), by inserting ``residential''
before ``improved real estate''; and
(C) in paragraph (3)(A), by inserting
``residential'' before ``building'';
(2) in section 1365 (42 U.S.C. 4104b)--
(A) in subsection (a)--
(i) by inserting ``residential'' before
``improved real estate''; and
(ii) by inserting ``residential'' before
``building'';
(B) in subsection (b)(2)--
(i) by inserting ``residential'' before
``building'' each place such term appears; and
(ii) by inserting ``residential'' before
``improved real estate'' each place such term
appears;
(C) in subsection (d), by inserting ``residential''
before ``improved real estate'' each place such term
appears; and
(D) in subsection (e)--
(i) by inserting ``residential'' before
``improved real estate''; and
(ii) by inserting ``residential'' before
``building'' each place such term appears; and
(3) in section 1370 (42 U.S.C. 4121)--
(A) in paragraph (8), by inserting ``residential''
before ``improved real estate'';
(B) by redesignating paragraphs (14) and (15) as
paragraphs (15) and (16), respectively; and
(C) by inserting after paragraph (13) the following
new paragraph:
``(14) the term `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;''.
(c) Rule of Construction.--This section and the amendments made by
this section may not be construed to prohibit the Administrator of the
Federal Emergency Management Agency from offering flood insurance
coverage under the National Flood Insurance Program for eligible non-
residential properties, other residential multifamily properties, or
structures financed with commercial loans, or to prohibit the purchase
of such coverage for such eligible properties.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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