[Congressional Record Volume 169, Number 158 (Thursday, September 28, 2023)]
[Senate]
[Page S4798]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1299. Mr. PAUL submitted an amendment intended to be proposed by 
him to the bill S. 2968, to reauthorize the National Flood Insurance 
Program; which was referred to the Committee on Banking, Housing, and 
Urban Affairs; as follows:

       At the end, add the following:

     SEC. 3. RESTRICTION ON FLOOD INSURANCE COVERAGE.

       (a) Definitions.--In this section:
       (1) National flood insurance program.--The term ``National 
     Flood Insurance Program'' means the program established under 
     the National Flood Insurance Act of 1968 (42 U.S.C. 4001 et 
     seq.).
       (2) Policyholder.--The term ``policyholder'' means the 
     holder of a policy under the National Flood Insurance 
     Program.
       (3) Primary residence.--
       (A) In general.--The term ``primary residence'' means a 
     single-family dwelling, condominium unit, apartment unit, or 
     unit within a cooperative building in which a policyholder, 
     or the spouse of a policyholder, lives for--
       (i) more than 50 percent of the 365 days immediately 
     following the effective date of the policy; or
       (ii) not more than 50 percent of the 365 days immediately 
     following the effective date of the policy if the 
     policyholder--

       (I) has only 1 residence; and
       (II) does not lease the residence described in subclause 
     (I) to another party or use the residence for rental or 
     income property at any time during the policy term with 
     respect to the residence.

       (B) Rule of construction.--For the purposes of subparagraph 
     (A), a policyholder and the spouse of a policyholder may not 
     collectively have more than 1 primary residence.
       (4) Single-family dwelling.--The term ``single-family 
     dwelling'' means--
       (A) a residential single-family building in which the total 
     floor area devoted to non-residential uses is less than 50 
     percent of the total floor area of the building; or
       (B) a single-family residential unit within a 2-to-4-family 
     building, other residential building, business, or non-
     residential building in which commercial uses are less than 
     50 percent of the total floor area of the unit.
       (b) Prohibition.--Notwithstanding any other provision of 
     law, the National Flood Insurance Program may only cover--
       (1) in the case of a residential property, the primary 
     residence of a policyholder, provided that the primary 
     residence is not appraised at more than $250,000; and
       (2) a nonresidential property of a policyholder, provided 
     that the property is not appraised at more than $500,000.
       (c) Application.--The prohibition under subsection (b) 
     shall apply to any property covered under the National Flood 
     Insurance Program before, on, or after the date of enactment 
     of this Act.

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