Flood Insurance Reform and Modernization Act of 2007

Summary

Flood Insurance Reform and Modernization Act of 2007 - Instructs the Comptroller General to study and report to Congress on: (1) the status of the national flood insurance program for specified pre-FIRM properties (containing a structure neither constructed nor substantially improved after the later of December 31, 1974, or 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 (NFIA) for the pertinent area); (2) the extension of mandatory flood insurance coverage purchase requirements to properties located in any area that would be designated as having special flood hazards but for the existence of a structural flood protection system; and (3) the mandatory purchase requirement in connection with non-federally related loans. Amends the NFIA to include nonresidential properties and nonprimary residences within the guidelines for actuarial rate properties. Amends the Flood Disaster Protection Act of 1973 to increase civil monetary penalties. Amends the NFIA to: (1) increase flood insurance coverage for residential property; (2) provide coverage for necessary increases in living expenses, basement improvements, business interruption, and replacement cost of contents; (3) provide for notification to tenants of the availability of contents insurance; and (4) increase borrowing authority for the flood insurance program. Requires FEMA, upon request, to participate in state disaster claims mediation programs. Authorizes grants for outreach to property owners and renters to encourage purchase of flood insurance protection. Extends funding through FY2011 for the pilot program for mitigation of severe repetitive loss properties. Includes demolition and rebuilding activities within the flood mitigation assistance program. Amends the Real Estate Settlement Procedures Act of 1974 to require good faith estimates to state that flood insurance coverage for residential real estate is generally available, whether or not the real estate is located in an area having special flood hazards. Instructs the FEMA Director to: (1) establish a decisions appeals process for flood insurance policyholders; (2) establish a program to review, update, and maintain flood insurance program maps; and (3) clarify the applicability of replacement cost coverage. Reestablishes the Technical Mapping Advisory Council.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 26 March 2007

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 26 March 2007

   Introduced

   Introduced in House

   Source: IntroReferral

3. 26 March 2007

   Introduced

   Introduced in House

   Source: IntroReferral

4. 7 June 2007

   Referred

   Referred to the Subcommittee on Housing and Community Opportunity.

   Source: Committee

5. 12 June 2007

   Committee

   Subcommittee Hearings Held.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 26 March 2007 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 26 March 2007

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 26 March 2007

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 26 March 2007

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

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Sponsors

• Rep. Frank, Barney [D-MA-4] · D · Sponsor
• Rep. Biggert, Judy [R-IL-13] · R · Sponsor
• Rep. Blumenauer, Earl [D-OR-3] · D · Sponsor
• Rep. Waters, Maxine [D-CA-43] · D · Sponsor
• Rep. Taylor, Gene [D-MS-4] · D · Sponsor
• Rep. Matsui, Doris O. [D-CA-7] · D · Sponsor
• Rep. Mahoney, Tim [D-FL-16] · D · Sponsor
• Rep. Wasserman Schultz, Debbie [D-FL-25] · D · Sponsor
• Rep. Baker, Richard H. [R-LA-6] · R · Sponsor
• Rep. Miller, Gary G. [R-CA-42] · R · Sponsor
• Rep. Davis, Jo Ann [R-VA-1] · R · Sponsor
• Rep. Brown-Waite, Ginny [R-FL-5] · R · Sponsor
• Rep. Berkley, Shelley [D-NV-1] · D · Cosponsor
• Rep. Murphy, Patrick J. [D-PA-8] · D · Cosponsor
• Rep. Shea-Porter, Carol [D-NH-1] · D · Cosponsor
• Rep. King, Peter T. [R-NY-2] · R · Cosponsor
• Rep. Andrews, Robert E. [D-NJ-1] · D · Cosponsor
• · hsba00 · Standing

Related records

• related to ← Flood Insurance Reform and Modernization Act of 2007