H.R.700 - To provide a moratorium on the issuance of flood insurance rate maps, to assist property owners in adapting to flood insurance rate map changes, and for other purposes.112th Congress (2011-2012)
|Sponsor:||Rep. Walberg, Tim [R-MI-7] (Introduced 02/14/2011)|
|Committees:||House - Financial Services|
|Latest Action:||03/23/2011 Referred to the Subcommittee on Insurance, Housing and Community Opportunity.|
This bill has the status Introduced
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Summary: H.R.700 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in House (02/14/2011)
Floodplain Maps Moratorium Act - Amends the Flood Disaster Protection Act of 1973 to delay for five years the requirement to purchase flood insurance for properties in a new flood hazard area if the area's state or local government has developed a flood evacuation plan and meets other specified criteria. Makes the preferred risk rate method premium available for flood insurance coverage of such properties.
Directs the Director of the Federal Emergency Management Agency (FEMA) to establish and implement a plan to notify annually residents of areas having special flood hazards regarding the mandatory purchase requirement.
Amends the National Flood Insurance Act of 1968 to require the Director to: (1) notify the pertinent Members of Congress as well as the affected communities and their state and local governments about any decision to make a floodplain area or flood-risk zone revision, and (2) provide each such community and state and local government with an opportunity to review and propose modifications to a flood insurance map change or revision.
Requires the Comptroller General to review the methodology used to issue or revise flood insurance rate maps.
Requires the Director to notify a local television and radio station about proposed or published flood elevation determinations.
Directs the Administrator of FEMA to report to Congress a plan for repaying within 10 years all unpaid presidentially approved flood insurance program debt.