Sec. 3. Phase-in of actuarial rates for newly purchased homes
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Section 1308(e) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4015(e) ) is amended— in paragraph (1), by striking and at the end; in paragraph (2), by striking the period at the end and inserting ; and ; and by adding at the end the following: not subject to the phase-in requirement under paragraph (2), which are sold on or after the date of enactment of the Biggert-Waters Flood Insurance Reform Act of 2012, and notwithstanding the requirements of section 1307(g), shall be increased by 20 percent each year, beginning in the year after the first such sale, until the average risk premium rate for such properties is equal to the average of the risk premium rates for properties described in paragraph (1). .
The amendments made by subsection
(a)shall take effect as if enacted as part of the Biggert-Waters Flood Insurance Reform Act of 2012 ( Public Law 112–141 ; 126 Stat. 916).
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- Pub. L. 112-141
- 126 Stat. 916
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Sec. 3
Phase-in of actuarial rates for newly purchased homes
Pub. L.Pub. L. 112-141
Stat.126 Stat. 916
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