GovTrack’s Bill Summary
We don’t have a summary available yet.
S. 505 (111th): Homeowners’ Defense Act of 2009
- Introduced:
- Feb 27, 2009 (111th Congress, 2009–2010)
- Sponsor:
- Sen. Bill Nelson [D-FL]
- Status:
- Died (Referred to Committee)
The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.
Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
2/27/2009--Introduced.
Homeowners' Defense Act of 2009 - Establishes the National Catastrophe Risk Consortium as a nonprofit, nonfederal entity to:
(1) maintain an inventory of catastrophe risk obligations held by state reinsurance funds and state residual insurance market entities;
(2) issue, on a conduit basis, securities and other financial instruments linked to catastrophe risks insured or reinsured through Consortium members;
(3) coordinate reinsurance contracts;
(4) act as a centralized repository of state risk information accessible by certain private-market participants; and
(5) use a database to perform research and analysis that encourages standardization of the risk-linked securities market.
Instructs the Secretary of the Treasury to implement a national homeowners' insurance stabilization program to make liquidity loans and catastrophic loans to qualified reinsurance programs to:
(1) ensure their solvency;
(2) improve the availability and affordability of homeowners' insurance;
(3) provide incentive for risk transfer to the private capital and reinsurance markets; and
(4) spread the risk of catastrophic financial loss resulting from natural disasters and catastrophic events.
Authorizes the Secretary to establish and collect, from qualified and precertified reinsurance programs, a reasonable fee to offset expenses of the program.
Instructs the Secretary to require full repayment of all loans made under this Act.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.
The bill contains the following citations to other parts of U.S. law:
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.)
- Title 2: THE CONGRESS
- Chapter 17A: CONGRESSIONAL BUDGET AND FISCAL OPERATIONS
- Subchapter III: CREDIT REFORM
- Section 661a: Definitions
- Title 5: GOVERNMENT ORGANIZATION AND EMPLOYEES
- Part III: EMPLOYEES
- Subpart D: Pay and Allowances
- Chapter 53: PAY RATES AND SYSTEMS
- Subchapter II: EXECUTIVE SCHEDULE PAY RATES
- Section 5315: Positions at level IV
Other Citations
- 5 U.S.C. Chapter 57