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House amendment would extend NFIP into 2015
WASHINGTON (7/15/10)--The U.S. House Committee on Rules this week completed its markup of legislation that would extend the National flood Insurance Plan (NFIP) until Sept. 15, 2015. H.R. 5114, the Flood Insurance Reform Priorities Act of 2010, was introduced by Rep. Maxine Waters (D-Calif.) earlier this year. The legislation, as amended, also revises the priorities of the insurance program. It would require lenders to disclose in their estimates whether or not the real estate is located in an area that is subject to flood hazards and whether flood insurance coverage for residential real estate is available under the NFIP. Lenders must also notify the respective home purchasers of the need to contact the NFIP, and provide contact information for the NFIP. The Federal Emergency Management Agency's authority to extend flood insurance contracts under NFIP must be periodically reauthorized by Congress. While that authority has lapsed three times this year, an extension until Sept. 30 was approved earlier this month.


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