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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
5/31/2012--Public Law. (This measure has not been amended since it was passed by the Senate on May 24, 2012. The summary of that version is repeated here.)
Amends the National Flood Insurance Act of 1968 (NFIA) to extend the National Flood Insurance Program, including its funding, through July 31, 2012.
Prohibits the Administrator of the Federal Emergency Management Agency (FEMA) from estimating subsidized flood insurance premium rates for any residential property which is not the primary residence of an individual (such as a vacation home or second home).
Increases by 25% each year the chargeable risk premium rate for flood insurance for residential property which is not the primary residence of an individual until the average risk premium rate for such property is equal to the average of the risk premium rates for any properties within any single risk classification.
Declares July 1, 2012, the effective date for the first such increase.