US HB2901 | 2015-2016 | 114th Congress
Status
Sponsorship: Slight Partisan Bill (Republican 32-13)
Status: Engrossed on May 9 2016 - 50% progression, died in committee
Action: 2016-05-09 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Engrossed) [PDF]
Status: Engrossed on May 9 2016 - 50% progression, died in committee
Action: 2016-05-09 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Engrossed) [PDF]
Summary
Flood Insurance Market Parity and Modernization Act (Sec. 2) This bill amends the Flood Disaster Protection Act of 1973 to make technical amendments without substantive change to requirements for flood insurance under either the federal program or private flood insurance. (Under current law, any building, mobile home or personal property that would be financed by a federally-backed mortgage must have flood insurance if the property is located in an area designated as a special flood hazard.) As under current law, the amount of mandatory flood insurance shall be, for either federal or private flood insurance, equal to the development or project cost of the building, mobile home, or personal property (less estimated land cost), the outstanding principal balance of the loan, or the maximum limit of federal flood insurance coverage available for the particular type of property, whichever is less. The bill revises without substantive change the flood insurance requirements that apply to home loans or loan guarantees by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). This revision does specify, however, that any requirements established by Fannie Mae or Freddie Mac relating to the financial strength of private insurance companies from which they will accept private flood insurance must not affect or conflict with any state law, regulation, or procedure concerning the regulation of the business of insurance. Private flood insurance shall include, in addition to a policy issued by a company licensed, admitted, or otherwise approved by the state (as in current law), any policy issued by an insurance company eligible as a nonadmitted insurer to provide flood insurance in the state or jurisdiction where the property to be insured is located. The bill specifies that the federal flood insurance program, with respect to both private and federal flood insurance, extends to Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa. FEMA must consider any period during which a property was continuously covered by private flood insurance to be a period of continuous insurance coverage.
Title
Flood Insurance Market Parity and Modernization Act
Sponsors
Roll Calls
2016-04-28 - House - On Motion to Suspend the Rules and Pass, as Amended (Y: 419 N: 0 NV: 14 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2016-05-09 | Senate | Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. |
| 2016-04-28 | House | Motion to reconsider laid on the table Agreed to without objection. |
| 2016-04-28 | House | On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 419 - 0 (Roll no. 177). (text: CR 4/26/2016 H1952-1953) |
| 2016-04-28 | House | Considered as unfinished business. (consideration: CR H2993-2094) |
| 2016-04-26 | House | At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed. |
| 2016-04-26 | House | DEBATE - The House proceeded with forty minutes of debate on H.R. 2901. |
| 2016-04-26 | House | Considered under suspension of the rules. (consideration: CR H1952-1954) |
| 2016-04-26 | House | Mr. Ross moved to suspend the rules and pass the bill, as amended. |
| 2016-04-26 | House | Placed on the Union Calendar, Calendar No. 404. |
| 2016-04-26 | House | Reported (Amended) by the Committee on Financial Services. H. Rept. 114-524. |
| 2016-03-02 | House | Ordered to be Reported (Amended) by the Yeas and Nays: 53 - 0. |
| 2016-03-02 | House | Committee Consideration and Mark-up Session Held. |
| 2016-01-13 | House | Hearings Held by the Subcommittee on Housing and Insurance Prior to Referral. |
| 2015-06-25 | House | Referred to the House Committee on Financial Services. |
| 2015-06-25 | House | Introduced in House |
Same As/Similar To
SB1679 (Same As) 2016-09-13 - Committee on Banking, Housing, and Urban Affairs. Hearings held.
Subjects
American Samoa
Caribbean area
Disaster relief and insurance
Finance and financial sector
Floods and storm protection
Housing finance and home ownership
Northern Mariana Islands
Puerto Rico
Virgin Islands
Caribbean area
Disaster relief and insurance
Finance and financial sector
Floods and storm protection
Housing finance and home ownership
Northern Mariana Islands
Puerto Rico
Virgin Islands
