,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #cadf  ,,in ,,the ,,house ,,of  
,,representatives  ,june #e1 #bjai,mr4  
,david ,scott of ,georgia 7for himself  
and ,mr4 ,duffy7 introduced the         
following bill2 which was referred to   
the ,committee on ,financial ,services  
,a ,,bill  ,to provide for the monthly  
installment payment of premiums for     
coverage under the ,national ,flood     
,insurance ,program1 and for other      
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,fair ,flood        
,insurance ,act of #bjai4  #b4 ,monthly 
installment payment of premiums  7a7    
,authority ,subsection 7g7 of section   
#acjh of the ,national ,flood ,insurance
 ,act of #aifh 7#db ,u4,s4,c4 #djae7;g77
 is amended--  7#a7 by striking the     
subsection designation and all that     
follows through ,with respect and       
inserting the following3  7g7 ,frequency
 of premium collection  7#a7 ,options   
,with respect  2 and  7#b7 by adding at 
the end the following3  7#b7 ,monthly   

installment payment of premiums  7,a7   
,exemption from rulemaking ,until such  
time as the ,administrator promulgates  
regulations implementing paragraph 7#a7 
of this subsection1 the ,administrator  
may adopt policies and procedures1      
notwithstanding any other provisions of 
law and in alignment and consistent with
 existing industry escrow and servicing 
standards1 necessary to implement such  
paragraph without undergoing notice and 
comment rulemaking and without          
conducting regulatory analyses otherwise
 required by statute1 regulation1 or    
,executive order4  7,b7 ,pilot program  
,the ,administrator may initially       
implement paragraph 7#a7 of this        
subsection as a pilot program that      
provides for a gradual phase-in of      
implementation4  7,c7 ,policyholder     
protection ,the ,administrator may-- 7i7
 during the #ab-month period beginning  
on the date of the enactment of this    
paragraph1 charge policyholders choosing
 to pay premiums in monthly installments

 a fee for the total cost of the monthly
 collection of premiums not to exceed   
#be annually2 and  7ii7 after the       
expiration of the #ab-month period      
referred to in clause 7i71 adjust the   
fee charged annually to cover the total 
cost of the monthly collection of       
premiums as determined by the report    
submitted pursuant to subparagraph 7,d74
  7,d7 ,report ,not later than six      
months after the date of the enactment  
of this paragraph1 the ,comptroller     
,general shall submit a report to the   
,committee on ,financial ,services of   
the ,house of ,representatives and the  
,committee on ,banking1 ,housing1 and   
,urban ,affairs of the ,senate1 that    
sets forth all of the costs associated  
with the monthly payment of premiums1   
including any up-front costs associated 
with infrastructure development1 the    
impact on all policyholders including   
those that exercise the option to pay   
monthly and those that do not1 options  
for minimizing the costs1 particularly  

the costs to policyholders1 and the     
feasibility of adopting practices that  
serve to minimize costs to policyholders
 such as automatic payments and         
electronic payments4  7,e7 ,annual      
reports ,on an annual basis1 the        
,administrator shall report to the      
,committee on ,financial ,services of   
the ,house of ,representatives and the  
,committee on ,banking1 ,housing1 and   
,urban ,affairs of the ,senate the      
ongoing costs associated with the       
monthly payment of premiums4  4  7b7    
,implementation ,clause 7ii7 of section 
#acjg7;a77#a77;,b7 7#db ,u4,s4,c4       
#djad7;a77#a77;,b77ii77 is amended by   
inserting before any administrative     
expenses the following3 the costs       
associated with the monthly collection  
of premiums provided for in section     
#acjh7;g7 7#db ,u4,s4,c4 #djae7;g771 but
 only if such costs exceed the operating
 costs and allowances set forth in      
clause 7i7 of this subparagraph1 and4