Clarifies flood insurance limits for mortgagors and modifies the effective date of related legislation.

The bill makes clarifying changes to the purchase of flood insurance by mortgagors, specifying that mortgagees cannot require mortgagors to exceed certain limits. It also mandates that mortgagees notify mortgagors when flood insurance is required, stating that the required insurance may not cover all losses. Additionally, the bill amends the effective date of related legislation to ensure consistency in implementation.

Clarifies flood insurance limits for mortgagors and modifies the effective date of related legislation.

The bill makes clarifying changes to the purchase of flood insurance by mortgagors, specifying that mortgagees cannot require mortgagors to exceed certain limits. It also mandates that mortgagees notify mortgagors when flood insurance is required, stating that the required insurance may not cover all losses. Additionally, the bill amends the effective date of related legislation to ensure consistency in implementation.