S.1075 - SHORE Act of 2013113th Congress (2013-2014)
|Sponsor:||Sen. Menendez, Robert [D-NJ] (Introduced 05/23/2013)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||05/23/2013 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.1075 — 113th Congress (2013-2014)All Bill Information (Except Text)
Introduced in Senate (05/23/2013)
Saving Homeowners from Onerous Rate Escalations Act of 2013 or SHORE Act of 2013 - Amends the National Flood Insurance Act of 1968 to direct the Administrator of the Federal Emergency Management Agency (FEMA) to phase in, over an eight-year period, any increase in the flood insurance risk premium rate caused by the prohibition against extending subsidies to new or lapsed policies.
Extends from a 5-year to a 10-year period the phase-in period for premium adjustment increases in the flood insurance risk rate. Prescribes a phase-in rate of: (1) 5% for each of the first 5 years after the effective date of an update, and 15% for each of the 5 ensuing years; and (2) 5% for each of the first 5 years following the effective date of designation as a special flood area of any area not previously so designated, and 15% for each of the 5 ensuing years.