US Congress Senate Bill 563 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Republican 9-2)
Status: Introduced on March 8 2017 - 25% progression, died in chamber
Action: 2017-05-04 - Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-16.
Text: Latest bill text (Introduced) [PDF]

Flood Insurance Market Parity and Modernization Act This bill amends the Flood Disaster Protection Act of 1973 to revise requirements for federal and private flood insurance. This bill revises the financial requirements that apply to flood insurance for home loans or loan guarantees by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Private flood insurance must meet any financial strength requirements set forth by Fannie Mae and Freddie Mac. Private flood insurance may include nonadmitted insurers (including surplus lines insurance) as long as the insurer is eligible to provide insurance in the home state of the insured and complies with the laws and regulations of that state. The National Flood Insurance Act of 1968 is amended to direct the Federal Emergency Management Agency (FEMA) to consider any period during which a property was continuously covered by private flood insurance to be a period of continuous insurance coverage, including for the purposes of National Flood Insurance Program subsidies.

Flood Insurance Market Parity and Modernization Act

Sen. Dean Heller [R-NV]	Sen. Jon Tester [D-MT]	Sen. Marco Rubio [R-FL]	Sen. Joe Donnelly [D-IN]
Sen. Rob Portman [R-OH]	Sen. Tom Cotton [R-AR]	Sen. Joni Ernst [R-IA]	Sen. Thad Cochran [R-MS]
Sen. David Perdue [R-GA]	Sen. Tim Scott [R-SC]	Sen. Cindy Hyde-Smith [R-MS]

Date	Chamber	Action
2017-05-04	Senate	Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-16.
2017-03-14	Senate	Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-16.
2017-03-08	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

HB1422 (Same As) 2017-07-14 - Placed on the Union Calendar, Calendar No. 155.
HB3823 (Related) 2017-09-29 - Became Public Law No: 115-63. (TXT | PDF)
HR538 (Similar To) 2017-09-27 - Motion to reconsider laid on the table Agreed to without objection.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/senate-bill/563/all-info
Text	https://www.congress.gov/115/bills/s563/BILLS-115s563is.pdf