< Back to H.R. 5740 (112th Congress, 2011–2013)

Text of the National Flood Insurance Program Extension Act

This bill was enacted after being signed by the President on May 31, 2012. The text of the bill below is as of May 24, 2012 (Passed the Senate (Engrossed) with an Amendment).

This is not the latest text of this bill.

Source: GPO

112th CONGRESS

2d Session

H.R. 5740

In the Senate of the United States,

May 24, 2012.

Amendment:

That the bill from the House of Representatives (H.R. 5740) entitled An Act to extend the National Flood Insurance Program, and for other purposes., do pass with the following

Strike all after the enacting clause and insert the following:

1.

Extension of the national flood insurance program

(a)

Program extension

Section 1319 of the National Flood Insurance Act of 1968 (42 U.S.C. 4026) is amended by striking the earlier of the date of the enactment into law of an Act that specifically amends the date specified in this section or May 31, 2012 and inserting July 31, 2012.

(b)

Financing

Section 1309(a) of the National Flood Insurance Act of 1968 (42 U.S.C. 4016(a)) is amended by striking the earlier of the date of the enactment into law of an Act that specifically amends the date specified in this section or May 31, 2012 and inserting July 31, 2012.

2.

Exclusion of vacation homes and second homes from receiving subsidized premium rates

(a)

In general

Section 1307(a)(2) of the National Flood Insurance Act of 1968 (42 U.S.C. 4014(a)(2)) is amended by inserting before ; and the following: , except that the Administrator shall not estimate rates under this paragraph for any residential property which is not the primary residence of an individual.

(b)

Phase-out of subsidized premium rates

Section 1308(e) of the National Flood Insurance Act of 1968 (42 U.S.C. 4015(e)) is amended—

(1)

by striking under this title for any properties within any single and inserting the following: “under this title for—

(1)

any properties within any single

; and

(2)

by striking the period at the end and inserting the following: “; and

(2)

any residential properties which are not the primary residence of an individual, as described in section 1307(a)(2), shall be increased by 25 percent each year, until the average risk premium rate for such properties is equal to the average of the risk premium rates for properties described under paragraph (1).

.

(c)

Effective date

The first increase in chargeable risk premium rates for residential properties which are not the primary residence of an individual under section 1308(e)(2) of the National Flood Insurance Act of 1968, as added by this Act, shall take effect on July 1, 2012, and the chargeable risk premium rates for such properties shall be increased by 25 percent each year thereafter, as provided in such section 1308(e)(2).

3.

Compliance with PAYGO

The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled Budgetary Effects of PAYGO Legislation for this Act, submitted for printing in the Congressional Record by the Chairman of the Senate Budget Committee, provided that such statement has been submitted prior to the vote on passage.

Secretary