[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 2852 Introduced in Senate (IS)]

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118th CONGRESS
  1st Session
                                S. 2852

   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 SENATE OF THE UNITED STATES

                           September 19, 2023

  Mr. Scott of Florida introduced the following bill; which was read 
  twice and referred to the Committee on Banking, Housing, and Urban 
                                Affairs

_______________________________________________________________________

                                 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 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 flood insurance 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 that period.
    (b) Recoupment of Unpaid Premium Amounts.--The Administrator of the 
Federal Emergency Management Agency 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 flood insurance 
coverage premiums on a monthly basis pursuant to section 1308(g) of the 
National Flood Insurance Act of 1968 (42 U.S.C. 4015(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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