An amendment numbered 6 printed in House Report 109-530 to correct an inequity in current law by exempting all purchases or transfers of property by any means, and not just purchases via a loan as under current law, from the 30-day waiting period for purposes of flood insurance coverage.

1. 1

   Change 1: Strikes “REDUCTION OF”

   StrikesPage 10, line 16Printed page

   In H.R. 4973 · Reported in House

   (2) Transition.--In the case of any property described in paragraph (2) or (3) of section 1308(c) of the National Flood Insurance Act of 1968, as amended by subsection (a) of this section, that, on the date of the enactment of this Act, is covered under a policy for flood insurance made available under the national flood insurance program for which the chargeable premium rates are less than the applicable estimated risk premium rate under section 1307(a)(1) for the area in which the property is located, the Director of the Federal Emergency Management Agency shall increase the chargeable premium rates for such property over time to such applicable estimated risk premium rate under section 1307(a)(1). Such increase shall be made by increasing the chargeable premium rates for the property (after application of any increase in the premium rates otherwise applicable to such property) by 15 percent (or such lesser amount as may be necessary so that the chargeable rate does not exceed such applicable estimated risk premium rate) once during the 12-month period that begins upon the date of the enactment of this Act and once every 12 months thereafter until such increase is accomplished. The provisions of paragraphs (2) and (3) of such section 1308(c) shall apply to such a property upon the accomplishment of such increase and thereafter.

   SEC. 5. [struck: REDUCTION OF ]WAITING PERIOD FOR EFFECTIVE DATE OF POLICIES.

   Section 1306(c)(1) is amended by striking "30-day" and inserting "15-day".

   Original wording

   Page 10, line 16, strike “REDUCTION OF”.

2. 2

   Change 2: Inserts “(a) Reduction.--” before “Section”

   InsertsPage 10, line 18Printed page

   …[inserted: (a) Reduction.-- ]Section…

   Original wording

   Page 10, line 18, before “Section” insert “(a) Reduction.--”.

3. 3

   Change 3: Inserts new text on page 10, line 18

   InsertsPrinted page

   Inserted: (b) Exception.--Section 1306(c)(2)(A) of the National Flood Insurance Act of 1968 (42 U.S.C. 4013(c)(2)(A)) is amended by inserting before the semicolon the following: "or is in connection with the purchase or other transfer of the property for which the coverage is provided (regardless of whether a loan is involved in the purchase or transfer transaction)".

   Original wording

   Page 10, after line 18, insert the following new subsection:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed