[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4686 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 4686

   To establish a grace period for nonpayment of premiums for flood 
insurance coverage under the national flood insurance program until the 
Administrator of the Federal Emergency Management Agency implements the 
  option for monthly payment of such premiums, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 17, 2023

 Mrs. Luna (for herself, Mr. Bilirakis, Mr. Buchanan, Ms. Salazar, Mr. 
  Gaetz, Mr. Mills, Mr. Dunn of Florida, Mr. Webster of Florida, Mrs. 
   Miller of Illinois, Mr. Weber of Texas, Mr. Donalds, Mr. Bean of 
   Florida, and Mr. Posey) introduced the following bill; which was 
            referred to the Committee on Financial Services

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                                 A BILL


 
   To establish a grace period for nonpayment of premiums for flood 
insurance coverage under the national flood insurance program until the 
Administrator of the Federal Emergency Management Agency implements the 
  option for monthly payment of such premiums, 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. SHORT TITLE.

    This Act may be cited as the ``Flood Insurance Affordability Act''.

SEC. 2. GRACE PERIOD FOR FLOOD INSURANCE COVERAGE.

    (a) Authority To Suspend Premium Payments.--During the period that 
begins on the date of the enactment of this Act and ends 30 days after 
the date on which the Administrator of the Federal Emergency Management 
Agency first makes available to policyholders of flood insurance 
coverage under the national flood insurance program a monthly premium 
payment option for such coverage in compliance with section 1308(g) of 
the National Flood Insurance Act of 1968 (42 U.S.C. 4015(g)), any new 
and existing policyholders to which such section 1308(g) applies shall 
remain covered under such a flood insurance policy notwithstanding the 
nonpayment of premiums to cover such period.
    (b) Recoupment of Unpaid Premium Amounts.--The Administrator shall 
provide that after the expiration of the period referred to in 
subsection (a), there shall be assessed on each policyholder who elects 
to pay such premiums on a monthly basis pursuant to such section 
1308(g) an extra monthly fee in an amount calculated by the 
Administrator to recover, on a cumulative basis, the amount of premiums 
unpaid pursuant to subsection (a).
    (c) Other Grace Periods.--The grace period under subsection (a) for 
nonpayment of premiums shall be in addition to any other grace period 
provided for under a policy for flood insurance coverage under the 
national flood insurance program.

SEC. 3. PROHIBITION ON FEES ASSOCIATED WITH MONTHLY PAYMENTS.

    Section 1308(g) of the National Flood Insurance Act of 1968 (42 
U.S.C. 4015(g)) is amended by striking ``annually or monthly.'' and 
inserting ``annually or monthly and may not apply any fee or additional 
charge with respect to a policyholder who chooses to make monthly 
payments compared to a policyholder who chooses to make payments 
annually.''
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