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United States · Bill · HR

H.R. 3121 (110th)

Flood Insurance Reform and Modernization Act of 2007

openUnited States· United States Congress· EN

Introduced

19 July 2007

Last action

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Status

Message on House action received in Senate and at desk: House requests a conference.

Sponsors

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Subjects

Discovery layer

Source updated

7 April 2025

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Summary

Flood Insurance Reform and Modernization Act of 2007 - Instructs the Comptroller General to study and report to Congress regarding: (1) national flood insurance program coverage for pre-FIRM properties: (2) amending the Flood Disaster Protection Act of 1973 for properties subject to mandatory flood insurance coverage purchase requirements; and (3) ways to increase participation by low-income families in the national flood insurance program. Amends the Flood Disaster Protection Act of 1973 to increase civil monetary penalties for the failure of a regulated lending institution to require flood insurance or notify borrowers of its availability. Amends the National Flood Insurance Act of 1968 to: (1) provide phase-in actuarial rates for nonresidential properties and non-primary residences; (2) provide multiperil coverage for flood and windstorm; (3) prohibit duplicative coverage; (4) revise maximum coverage limits; and (5) provide coverage for additional living expenses, basement improvements, business interruption, and replacement cost of contents. Requires the Director of the Federal Emergency Management Agency (FEMA) to promote notification of the availability of flood insurance coverage to tenants in special flood hazard areas. Increases the annual limitation on premium increases. Requires FEMA to: (1) participate, upon state request, in state disaster claims mediation programs; and (2) submit an annual financial status report to Congress regarding the national flood insurance program. Authorizes: (1) FEMA grants for outreach to encourage purchases of flood insurance protection; and (2) grants for direct funding of mitigation activities for individual repetitive claims properties. Extends a pilot program for mitigation of severe repetitive loss properties. Declares property demolition and rebuilding eligible for flood mitigation assistance. Amends the Real Estate Settlement Procedures Act of 1974 to require that a lender's good faith estimates of settlement services include notice: (1) of the availability of the national flood insurance; and (2) that escrow of flood insurance payments is required for certain loans. Reiterates the directive to FEMA of the Bunning-Bereuter-Blumenauer Flood Insurance Reform Act of 2004 to establish an appeals process for flood insurance policyholders. Directs FEMA to establish an ongoing program to review, update, and maintain national flood insurance program rate maps. Requires FEMA to use plain, easy to understand language in materials that explain replacement costs, insurance forms, and policies. Authorizes FEMA to employ additional staff. Extends: (1) the deadline for filing proof of loss; and (2) the national flood insurance program.

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Documents

14 official files

Engrossed Amendment Senate (text)

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