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Code · BILL · 116th Congress · H.R. 470 (Introduced in House) — To repeal the mandatory flood insurance coverage requirement for commercial properties located in flood hazard areas,... · Sec. 1

Sec. 1. Opt-out of mandatory coverage requirement for commercial properties

637 words·~3 min read·/bill/116/hr/470/ih/section-1

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The Flood Disaster Protection Act of 1973 is amended— in section 3(a) ( 42 U.S.C. 4003(a) )— in paragraph (10), by striking and at the end; in paragraph (11), by striking the period at the end and inserting ; and ; and by adding at the end the following new paragraph: residential improved real estate means improved real estate that— is primarily used for residential purposes, as defined by the Federal entities for lending regulation; and secures financing or financial assistance provided through a federally related single family loan program, as defined by the Federal entities for lending regulation. ; and in section 102 ( 42 U.S.C. 4012a )— in subsection (b)— in paragraph (1)(A)— by inserting residential before improved real estate ; and by inserting residential before building or mobile home ; in paragraph (2)— by inserting residential before improved real estate ; and by inserting residential before building or mobile home ; and in paragraph (3)— in subparagraph (A), by inserting residential before improved real estate ; and in the matter after and below subparagraph (B), by inserting residential before building or mobile home ; in subsection (c)(3), by striking , in the case of any residential property, for any structure that is a part of such property and inserting for any structure that is part of a residential property ; in subsection (e)— in paragraph (1)— by inserting residential before improved real estate ; and by inserting residential before building or mobile home each place such term appears; and in paragraph (5)— in subparagraph (A)— by inserting residential before improved real estate each place such term appears; and by inserting residential before building or mobile home each place such term appears; in subparagraph (B), by inserting residential before building or mobile home each place such term appears; and in subparagraph (C), by inserting residential before building or mobile home ; and in subsection (h)— by inserting residential before improved real estate each place such term appears; and in the matter preceding paragraph (1), by inserting residential before building or mobile home .
The National Flood Insurance Act of 1968 is amended— in section 1364(a) ( 42 U.S.C. 4104a(a) )— in paragraph (1), by inserting residential before improved real estate ; in paragraph (2), by inserting residential before improved real estate ; and in paragraph (3)(A), by inserting residential before building ; in section 1365 ( 42 U.S.C. 4104b )— in subsection (a)— by inserting residential before improved real estate ; and by inserting residential before building ; in subsection (b)(2)— by inserting residential before building each place such term appears; and by inserting residential before improved real estate each place such term appears; in subsection (d), by inserting residential before improved real estate each place such term appears; and in subsection (e)— by inserting residential before improved real estate ; and by inserting residential before building each place such term appears; and in section 1370 ( 42 U.S.C. 4121 )— in paragraph (8), by inserting residential before improved real estate ; by redesignating paragraphs
(14)and
(15)as paragraphs
(15)and (16), respectively; and by inserting after paragraph
(13)the following new paragraph: the term residential improved real estate means improved real estate that— is primarily used for residential purposes, as defined by the Federal entities for lending regulation; and secures financing or financial assistance provided through a federally related single family loan program, as defined by the Federal entities for lending regulation; . This section and the amendments made by this section may not be construed to prohibit the Administrator of the Federal Emergency Management Agency from offering flood insurance coverage under the National Flood Insurance Program for eligible non-residential properties, other residential multifamily properties, or structures financed with commercial loans, or to prohibit the purchase of such coverage for such eligible properties.
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Sec. 1
Opt-out of mandatory coverage requirement for commercial properties
U.S.C.§ 4003
U.S.C.§ 4012a
U.S.C.§ 4104a
U.S.C.§ 4104b
U.S.C.§ 4121
Cites 5Cited by 0 across 0 sources
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