Summary: H.R.3062 — 105th Congress (1997-1998)All Information (Except Text)

There is one summary for H.R.3062. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (11/13/1997)

Mine Subsidence Right To Know Act - Requires the lender of any federally related mortgage loan for the purchase of a dwelling located in a mine subsidence hazard State to provide written and oral notice to the borrower contemporaneous with the purchase agreement of: (1) the potential or actual hazards facing the property as a result of its location; (2) the availability or results of Federal determination of potential or actual hazard in the property area; and (3) the availability of insurance protection.

Requires the insurer of a homeowner's insurance policy to timely notify the policyholder of the absence or availability of coverage for mine subsidence damage.

Requires the Director of the Office of Surface Mining Reclamation and Enforcement of the Department of the Interior to: (1) identify, certify, and subsequently publish in the Federal Register all areas in each State that are subject to mine subsidence hazard risk; and (2) periodically review such areas.