Bill > HR1430

This bill, known as the Flood Insurance Choice Act, amends the Flood Disaster Protection Act of 1973 to allow homeowners to satisfy mandatory flood insurance requirements for mortgages with policies purchased from private insurance companies, rather than solely relying on government-backed options. Specifically, it requires regulated lending institutions (banks and credit unions), federal agency lenders (government entities that provide loans), and government-sponsored enterprises like Fannie Mae and Freddie Mac to accept private flood insurance as proof of coverage, as long as that private insurance meets the established coverage requirements. This change aims to provide more options for consumers seeking flood insurance when obtaining a mortgage.