Amends the National Flood Insurance Act of 1968 (Act) to provide for phased-in actuarial premium rates for recently purchased pre-FIRM single family properties used as a principal residence and purchased for at least $600,000.
(A pre-FIRM structure is one that was not constructed or substantially improved after the later of: (1) December 31, 1974; or (2) 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 for the area in which such structure is located.)
Declares January 1, 2011, the effective date of this Act.
Sets forth transition provisions under which the Director of the Federal Emergency Management Agency (FEMA) is instructed to increase annually the chargeable premium rates for certain properties covered under the national flood insurance program if those rates are less than the applicable estimated risk premium rates.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by Voice Vote.
Reported (Amended) by the Committee on Financial Services. H. Rept. 110-510.
Reported (Amended) by the Committee on Financial Services. H. Rept. 110-510.
Placed on the Union Calendar, Calendar No. 311.
Mr. Frank (MA) moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H412-413)
DEBATE - The House proceeded with forty minutes of debate on H.R. 3959.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H412-413)
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H412-413)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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