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House Clears Flood-Insurance Technical Correction

Posted on 1/3/2013

The House on Tuesday passed a technical corrections bill (S. 3677) clarifying that last year's Flood Insurance Reform Act requires the escrowing of flood insurance only on residential loans. The Senate approved S. 3677 on December 12, and it is now cleared for the President's signature. The reform legislation was signed into law in July, but the word "residential" was inadvertently dropped at a key point in the statute, raising fears that regulators would begin requiring escrow accounts on commercial properties.

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