H.R. 4320 (109th): National Flood Insurance Program Commitment to Policyholders and Reform Act of 2005

Introduced:
Nov 15, 2005 (109th Congress, 2005–2006)
Sponsor:
Rep. Michael Oxley [R-OH4]
Status:
Died (Reported by Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on November 16, 2005, in a previous session of Congress, but was not enacted.

Progress
Introduced Nov 15, 2005
Reported by Committee Nov 16, 2005
Cosponsors
1 cosponsors (1D) (show)
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

Full Title

To restore the financial solvency of the national flood insurance program, and for other purposes.

Summary

No summaries available.

Text

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Last updated Nov 15, 2005.
16 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

2/1/2006.
Section 3 -
Directs the Comptroller General to study and report to Congress on whether the mandatory flood insurance coverage purchase requirements of the Flood Disaster Protection Act of 1973 should extend to properties located in the 500-year floodplain. Requires the Director of the Federal Emergency Management Agency (FEMA) to report annually to Congress on the extent to which updating and modernization of all floodplain areas and flood-risk zones has been completed.
Section 4 -
Amends the Flood Disaster Protection Act of 1973 to: (1) increase from $350 to $2,000 the civil monetary penalty for mortgage lender failures to require flood insurance; and (2) eliminate the $100,000 cap on the total amount of such penalties assessed against any single regulated lending institution or enterprise during any calendar year.
Section 5 -
Requires the FEMA Director to: (1) establish an appeals process through which holders of a flood insurance policy may appeal decisions on claims, proofs of loss, and loss estimates relating to such flood insurance policy; (2) enforce the minimum training and education requirements for insurance agents who sell certain flood insurance policies; (3) issue regulations to implement specified requirements of the Bunning-Bereuter-Blumenauer Flood Insurance Reform Act of 2004; and (4) identify for Congress each regulation, order, notice, and other material issued by the Director to implement each provision of such Act.
Section 6 -
Amends the National Flood Insurance Act of 1968 to increase the maximum flood insurance coverage limits for residential property.
Section 7 -
Prescribes coverage of additional living expenses and business interruption.
Section 8 -
Increases from $3.5 billion to $22 billion the borrowing authority vested in the Director. Requires the Director to report to Congress a plan for repaying any amounts borrowed pursuant to such increase.
Section 9 -
Instructs the Director to: (1) issue regulations and revise materials to clarify replacement cost coverage under the national flood insurance program; and (2) revise regulations, forms, notices, guidance, and publications regarding the full cost of repair or replacement under the replacement cost coverage to more clearly describe such coverage and to avoid providing misleading information to policyholders.
Section 10 -
Requires the Director to report semi-annually to Congress on the financial status of the national flood insurance program.
Section 11 -
Amends the Real Estate Settlement Procedures Act of 1974 to require a good faith estimate to include a conspicuous statement that flood insurance coverage for residential real estate is generally available under the National Flood Insurance Program whether or not the real estate is located in an area having special flood hazards and that, to obtain such coverage, a home owner or purchaser should contact a hazard insurance provider.
Section 12 -
Amends the National Flood Insurance Act of 1968 to include among eligible mitigation plan activities the demolition and rebuilding of structures located in areas having special flood hazards to at least Base Flood Elevation or any higher elevation required by any local ordinance.
Section 13 -
Authorizes the Director to employ additional FEMA staff.

House Republican Conference Summary

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The bill contains the following citations to other parts of U.S. law:

Slip Laws

Slip laws refer to enacted bills and joint resolutions in their original form as enacted by Congress, that is, before other laws amend them. Slip laws are cited as “Public Law XXX-YYY”, where XXX is the number of the Congress in which the bill or resolution was introduced.

  • Public Law 108-264
  • Public Law 109-65

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

Statutes at Large

The United States Statutes at Large is the compilation of all laws enacted by Congress.

  • 118 Stat. 714 et seq.
  • 119 Stat. 1998