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House Bill 470
116th Congress(2019-2020)
To repeal the mandatory flood insurance coverage requirement for commercial properties located in flood hazard areas, and for other purposes.
Introduced
Introduced
Introduced in House on Jan 10, 2019
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Introduced in House 
Jan 10, 2019
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Introduced in House(Jan 10, 2019)
Jan 10, 2019
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H. R. 470 (Introduced-in-House)


116th CONGRESS
1st Session
H. R. 470


To repeal the mandatory flood insurance coverage requirement for commercial properties located in flood hazard areas, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

January 10, 2019

Mr. Luetkemeyer introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To repeal the mandatory flood insurance coverage requirement for commercial properties located in flood hazard areas, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

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

(a) Amendments to Flood Disaster Protection Act of 1973.—The Flood Disaster Protection Act of 1973 is amended—

(1) in section 3(a) (42 U.S.C. 4003(a))—

(A) in paragraph (10), by striking “and” at the end;

(B) in paragraph (11), by striking the period at the end and inserting “; and”; and

(C) by adding at the end the following new paragraph:

“(12) ‘residential improved real estate’ means improved real estate that—

“(A) is primarily used for residential purposes, as defined by the Federal entities for lending regulation; and

“(B) secures financing or financial assistance provided through a federally related single family loan program, as defined by the Federal entities for lending regulation.”; and

(2) in section 102 (42 U.S.C. 4012a)—

(A) in subsection (b)—

(i) in paragraph (1)(A)—

(I) by inserting “residential” before “improved real estate”; and

(II) by inserting “residential” before “building or mobile home”;

(ii) in paragraph (2)—

(I) by inserting “residential” before “improved real estate”; and

(II) by inserting “residential” before “building or mobile home”; and

(iii) in paragraph (3)—

(I) in subparagraph (A), by inserting “residential” before “improved real estate”; and

(II) in the matter after and below subparagraph (B), by inserting “residential” before “building or mobile home”;

(B) 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”;

(C) in subsection (e)—

(i) in paragraph (1)—

(I) by inserting “residential” before “improved real estate”; and

(II) by inserting “residential” before “building or mobile home” each place such term appears; and

(ii) in paragraph (5)—

(I) in subparagraph (A)—

(aa) by inserting “residential” before “improved real estate” each place such term appears; and

(bb) by inserting “residential” before “building or mobile home” each place such term appears;

(II) in subparagraph (B), by inserting “residential” before “building or mobile home” each place such term appears; and

(III) in subparagraph (C), by inserting “residential” before “building or mobile home”; and

(D) in subsection (h)—

(i) by inserting “residential” before “improved real estate” each place such term appears; and

(ii) in the matter preceding paragraph (1), by inserting “residential” before “building or mobile home”.

(b) Amendments to National Flood Insurance Act of 1968.—The National Flood Insurance Act of 1968 is amended—

(1) in section 1364(a) (42 U.S.C. 4104a(a))—

(A) in paragraph (1), by inserting “residential” before “improved real estate”;

(B) in paragraph (2), by inserting “residential” before “improved real estate”; and

(C) in paragraph (3)(A), by inserting “residential” before “building”;

(2) in section 1365 (42 U.S.C. 4104b)—

(A) in subsection (a)—

(i) by inserting “residential” before “improved real estate”; and

(ii) by inserting “residential” before “building”;

(B) in subsection (b)(2)—

(i) by inserting “residential” before “building” each place such term appears; and

(ii) by inserting “residential” before “improved real estate” each place such term appears;

(C) in subsection (d), by inserting “residential” before “improved real estate” each place such term appears; and

(D) in subsection (e)—

(i) by inserting “residential” before “improved real estate”; and

(ii) by inserting “residential” before “building” each place such term appears; and

(3) in section 1370 (42 U.S.C. 4121)—

(A) in paragraph (8), by inserting “residential” before “improved real estate”;

(B) by redesignating paragraphs (14) and (15) as paragraphs (15) and (16), respectively; and

(C) by inserting after paragraph (13) the following new paragraph:

“(14) the term ‘residential improved real estate’ means improved real estate that—

“(A) is primarily used for residential purposes, as defined by the Federal entities for lending regulation; and

“(B) secures financing or financial assistance provided through a federally related single family loan program, as defined by the Federal entities for lending regulation;”.

(c) Rule of construction.—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.