US Congress Senate Bill 1075 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 3-0)
Status: Introduced on May 23 2013 - 25% progression, died in committee
Action: 2013-05-23 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]

Saving Homeowners from Onerous Rate Escalations Act of 2013 or SHORE Act of 2013 - Amends the National Flood Insurance Act of 1968 to direct the Administrator of the Federal Emergency Management Agency (FEMA) to phase in, over an eight-year period, any increase in the flood insurance risk premium rate caused by the prohibition against extending subsidies to new or lapsed policies. Extends from a 5-year to a 10-year period the phase-in period for premium adjustment increases in the flood insurance risk rate. Prescribes a phase-in rate of: (1) 5% for each of the first 5 years after the effective date of an update, and 15% for each of the 5 ensuing years; and (2) 5% for each of the first 5 years following the effective date of designation as a special flood area of any area not previously so designated, and 15% for each of the 5 ensuing years.

Saving Homeowners from Onerous Rate Escalations Act of 2013

Sen. Robert Menendez [D-NJ]

Sen. Kirsten Gillibrand [D-NY]

Sen. Frank Lautenberg [D-NJ]

Date	Chamber	Action
2013-05-23	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/senate-bill/1075/all-info
Text	https://www.congress.gov/113/bills/s1075/BILLS-113s1075is.pdf