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#1373576 - 04/13/10 08:05 PM Re: National Flood Insurance Program expired 2/28/2010 Amos
Dani York, CRCM Offline
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Originally Posted By: Amos
This is from today's ABA Daily Newsbytes:

CONGRESS
Senate Moves Forward on Bill Extending Unemployment Benefits, Flood Insurance
The Senate late yesterday voted 60 to 34 to invoke cloture and avoid a filibuster on a bill (H.R. 4851) that would extend unemployment insurance benefits, the National Flood Insurance Program and subsidies for the COBRA health insurance program through May 5. Four Republicans joined Democrats in voting to move the legislation forward, making it likely that the Senate will pass the measure later this week.


Just to make sure I am reading this right....the bill has not yet passed, correct??
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#1373680 - 04/13/10 09:53 PM Re: National Flood Insurance Program expired 2/28/2010 Dani York, CRCM
Reads Regs Offline
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Correct.
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#1374297 - 04/14/10 09:05 PM Re: National Flood Insurance Program expired 2/28/2010 pjs
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The bill that included the NFIP provisions FAILED in congress today!

Now what happens? confused
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#1374325 - 04/14/10 10:05 PM Re: National Flood Insurance Program expired 2/28/2010 Tigg
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It looks like an amendment to the bill was voted down today. I'm guessing they will keep working on the bill until they reach some type of agreement.
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#1374476 - 04/15/10 02:08 PM Re: National Flood Insurance Program expired 2/28/2010 Reads Regs
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They really just should NOT mix different issues together. grrrrr.
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#1374889 - 04/15/10 07:44 PM Re: National Flood Insurance Program expired 2/28/2010 Sinatra Fan
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Any updates?

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#1375067 - 04/16/10 11:33 AM Re: National Flood Insurance Program expired 2/28/2010 JobSecurity
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The President signed the bill. The extension is until the end of May.
Last edited by Tigg; 04/16/10 11:35 AM. Reason: got correct date
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#1375101 - 04/16/10 01:08 PM Re: National Flood Insurance Program expired 2/28/2010 Tigg
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May 31
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#1375110 - 04/16/10 01:17 PM Re: National Flood Insurance Program expired 2/28/2010 GenerousLife
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#1375117 - 04/16/10 01:27 PM Re: National Flood Insurance Program expired 2/28/2010 GenerousLife
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Where do y'all find this May 31 extention date? I need to see proof!
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#1375122 - 04/16/10 01:31 PM Re: National Flood Insurance Program expired 2/28/2010 brainOverload
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From ABA daily news bytes- If you are not signed up-you should be-even if its only for the joke at the end of each publication!

President Signs Bill Extending Jobless Benefits, Flood Insurance
The Senate and House last night passed -- and President Obama signed -- a bill (H.R. 4851) that extends unemployment insurance benefits through June 2. The legislation also extends through May 31 the Federal Flood Insurance Program, subsidies for the COBRA health insurance program, and funding to reduce or eliminate fees under the Small Business Administration’s 7(a) and 504 loan programs. The Senate passed the bill by a 59-38 vote, and House approved it two hours later, 289-112, to clear the measure for the president’s signature.

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#1375150 - 04/16/10 01:54 PM Re: National Flood Insurance Program expired 2/28/2010 biz
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Somewhere in the middle
Where can I find the detail? Was it retro ?
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#1375160 - 04/16/10 01:59 PM Re: National Flood Insurance Program expired 2/28/2010 biz
Dani York, CRCM Offline
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I can't find anything from Washington that says May 31st or that the President has signed this yet. Am I missing something??


Here are links to the bill information from the Library of Congress and the Ways and Means Committee in the House.

http://thomas.loc.gov/cgi-bin/bdquery/z?d111:H.R.4851:

http://waysandmeans.house.gov/press/PRArticle.aspx?NewsID=11064
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#1375162 - 04/16/10 02:00 PM Re: National Flood Insurance Program expired 2/28/2010 DD Regs
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Somewhere in the middle
The ways and means website says it is extended to April 30th. Who is right ABA or the Gov?

http://waysandmeans.house.gov/press/PRArticle.aspx?NewsID=11064

H.R. 4851 Continuing Extension Act of 2010
March 16, 2010

Status: Introduced March 16, 2010, Passed the House March 17, 2010, Amended and Passed in the Senate April 15, 2010. House agreed to the Senate's Amendment, April 15, 2010 by a vote of 289-112.

Click here for the bill text H.R. 4851as introduced in the House.

Click here for updated bill text. (thomas.loc.gov)



Summary of the Continuing Extension Act of 2010

•Extension of Unemployment Insurance Programs - Extends Federal Unemployment Programs, including the Emergency Unemployment Compensation Program, through May 05, 2010.

•Extension of COBRA Assistance - Extends eligibility for 65% subsidy for COBRA premiums through April, 30 2010.

•Extension of Medicare Physician Update - Extends current Medicare payment rates for physicians (preventing a 21% payment reduction) through April 30, 2010.

•Extension of Medicare Therapy Caps Exceptions - Extends exceptions process for beneficiary payment limits on outpatient therapy services through April 30, 2010.

•Clarification of Health Information Technology (IT) Incentives Ensures certain doctors in outpatient facilities are eligible for health IT payments under Medicare and Medicaid.

•Extension of Poverty Guidelines Extends current provision maintaining 2009 poverty guidelines through April, 30 2010 (to prevent a lowering of the poverty line).

•Extension of National Flood Insurance Program - Extends provision through April 30, 2010.

•Satellite Television Extension - Extends the copyright license used by satellite television providers through April 30, 2010.

•Compensation for Furloughed Employees – Provides compensation for federal employees furloughed during March 1st and 2nd as the result of the lapse in expenditure authority from the Highway Trust Fund.
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#1375192 - 04/16/10 02:30 PM Re: National Flood Insurance Program expired 2/28/2010 DD Regs
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Updated on April 15th to extend coverage to May 31st. http://waysandmeans.house.gov/press/PRArticle.aspx?NewsID=11064

H.R. 4851 Continuing Extension Act of 2010
March 16, 2010

Status: Introduced March 16, 2010, Passed the House March 17, 2010, Amended and Passed in the Senate April 15, 2010. House agreed to the Motion to Concur in the Senate's Amendments, April 15, 2010 by a vote of 289-112.

Click here for the bill text H.R. 4851as introduced in the House.

Click here for updated bill text. (thomas.loc.gov)



Summary of the Continuing Extension Act of 2010 (updated April 15, 2010)

Unemployment Insurance: Extends unemployment benefits retroactively, including the increased payouts and longer duration of benefits from the Recovery Act, through June 2, 2010.

Help with Health Insurance for Unemployed Workers (COBRA): Extends eligibility for the COBRA health insurance 65% subsidy for people who have lost their jobs through May 31, 2010 and provides transition relief for individuals who lost their jobs between March 31, 2010 and the date of enactment.

Medicare Physician Payments: Extends current Medicare payment rates for physicians (preventing a 21% payment reduction) through May 31, 2010.

Poverty Guidelines: Extends current provision maintaining 2009 poverty guidelines through May 31, 2010 (to prevent a lowering of the poverty line due to deflation in 2009).

Flood Insurance: Extends the National Flood Insurance Program authorization through May 31, 2010.

Satellite Television: Extends the compulsory copyright license used by satellite television providers through May 31, 2010.

Small Business Loans: Extends two temporary improvements to the Small Business Administration’s loan guarantee program, raising the percentage of loan amounts that the SBA can guarantee and allowing SBA to waive or reduce loan fees through May 31, 2010.

Compensation for Furloughed Employees: Provides compensation for federal employees furloughed during March 1st and 2nd as the result of the lapse in expenditure authority from the Highway Trust Fund.

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#1375194 - 04/16/10 02:33 PM Re: National Flood Insurance Program expired 2/28/2010 DD Regs
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Originally Posted By: DD Regs
The ways and means website says it is extended to April 30th. Who is right ABA or the Gov?

Put your faith and trust in God. After that, trust professionals over politicians (if nothing else, the odds are in your favor).
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#1375358 - 04/16/10 04:12 PM Re: National Flood Insurance Program expired 2/28/2010 M Cockrell
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Section 7 of the version of HR 4851 as enrolled and agreed to by the House and Senate that is available on the Library of Congress website states the following:

SEC. 7. EXTENSION OF NATIONAL FLOOD INSURANCE PROGRAM.

(a) Extension- Section 129 of the Continuing Appropriations Resolution, 2010 (Public Law 111-68), as amended by section 8 of Public Law 111-144, is amended by striking `by substituting' and all that follows through the period at the end and inserting `by substituting May 31, 2010, for the date specified in each such section.'.

(b) Effective Date- The amendments made by subsection (a) shall be considered to have taken effect on February 28, 2010.
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#1375559 - 04/16/10 06:14 PM Re: National Flood Insurance Program expired 2/28/2010 Reads Regs
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Am I missing it, where does it state the extention is retroactive?

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#1375671 - 04/16/10 07:16 PM Re: National Flood Insurance Program expired 2/28/2010 Disneyfan
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Originally Posted By: Disneyfan
Am I missing it, where does it state the extention is retroactive?


Originally Posted By: Reads Regs
Section 7 of the version of HR 4851 as enrolled and agreed to by the House and Senate that is available on the Library of Congress website states the following:

SEC. 7. EXTENSION OF NATIONAL FLOOD INSURANCE PROGRAM.

(a) Extension- Section 129 of the Continuing Appropriations Resolution, 2010 (Public Law 111-68), as amended by section 8 of Public Law 111-144, is amended by striking `by substituting' and all that follows through the period at the end and inserting `by substituting May 31, 2010, for the date specified in each such section.'.

(b) Effective Date- The amendments made by subsection (a) shall be considered to have taken effect on February 28, 2010.
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#1375827 - 04/16/10 08:31 PM Re: National Flood Insurance Program expired 2/28/2010 M Cockrell
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So, I guess we can count on the agents who are holding the insurance applications on our covered loans closed during the lapse, to send those right out?

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#1375879 - 04/16/10 09:14 PM Re: National Flood Insurance Program expired 2/28/2010 M Cockrell
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Originally Posted By: M Cockrell
Originally Posted By: Disneyfan
Am I missing it, where does it state the extention is retroactive?


Originally Posted By: Reads Regs
Section 7 of the version of HR 4851 as enrolled and agreed to by the House and Senate that is available on the Library of Congress website states the following:

SEC. 7. EXTENSION OF NATIONAL FLOOD INSURANCE PROGRAM.

(a) Extension- Section 129 of the Continuing Appropriations Resolution, 2010 (Public Law 111-68), as amended by section 8 of Public Law 111-144, is amended by striking `by substituting' and all that follows through the period at the end and inserting `by substituting May 31, 2010, for the date specified in each such section.'.

(b) Effective Date- The amendments made by subsection (a) shall be considered to have taken effect on February 28, 2010.



Thank you , it has been a long week.

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#1376157 - 04/19/10 02:07 PM Re: National Flood Insurance Program expired 2/28/2010 Disneyfan
shea930 Offline
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I have an insurance agent saying we can't write flood policies until NFIP reopens on May 31, 2010. Is this correct? From what you all have posted it sounds like we CAN write policies until May 31, 2010? Sorry I'm just confused.

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#1376166 - 04/19/10 02:15 PM Re: National Flood Insurance Program expired 2/28/2010 shea930
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Between the lines
I think your agent is confused. NFIP was approved and retroactive to March 27. The program is effective until 5-31 unless Congress passes something before then.
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#1376524 - 04/19/10 06:26 PM Re: National Flood Insurance Program expired 2/28/2010 SMQ, CRCM
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Originally Posted By: SoccerMomQueen
I think your agent is confused. NFIP was approved and retroactive to March 27. The program is effective until 5-31 unless Congress passes something before then.


Retroactive to 3/27 or retroactive to 2/28?

Along these same lines, if our borrower's flood policy expired on 4/1 (period during lapse) and they paid to renew the policy back in January, should the renewal policy be effective 4-1?

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#1376542 - 04/19/10 06:41 PM Re: National Flood Insurance Program expired 2/28/2010 Glutes
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Since Congress made it retroactive, it's as if it never expired.
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