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[112th Congress Public Law 123]
[From the U.S. Government Printing Office]

[[Page 126 STAT. 365]]

Public Law 112-123
112th Congress

                                 An Act

 
     To extend the National Flood Insurance Program, and for other 
            purposes. <<NOTE: May 31, 2012 -  [H.R. 5740]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,
SECTION 1. EXTENSION OF THE NATIONAL FLOOD INSURANCE PROGRAM.

    (a) Program Extension.--Section 1319 of the National Flood Insurance 
Act of 1968 (42 U.S.C. 4026) is amended by striking ``the earlier of the 
date of the enactment into law of an Act that specifically amends the 
date specified in this section or May 31, 2012'' and inserting ``July 
31, 2012''.
    (b) Financing.--Section 1309(a) of the National Flood Insurance Act 
of 1968 (42 U.S.C. 4016(a)) is amended by striking ``the earlier of the 
date of the enactment into law of an Act that specifically amends the 
date specified in this section or May 31, 2012'' and inserting ``July 
31, 2012''.
SEC. 2. EXCLUSION OF VACATION HOMES AND SECOND HOMES FROM 
                    RECEIVING SUBSIDIZED PREMIUM RATES.

    (a) In General.--Section 1307(a)(2) of the National Flood Insurance 
Act of 1968 (42 U.S.C. 4014(a)(2)) is amended by inserting before ``; 
and'' the following: ``, except that the Administrator shall not 
estimate rates under this paragraph for any residential property which 
is not the primary residence of an individual''.
    (b) Phase-out of Subsidized Premium Rates.--Section 1308(e) of the 
National Flood Insurance Act of 1968 (42 U.S.C. 4015(e)) is amended--
            (1) by striking ``under this title for any properties within 
        any single'' and inserting the following: ``under this title 
        for--
            ``(1) any properties within any single''; and
            (2) by striking the period at the end and inserting the 
        following: ``; and
            ``(2) any residential properties which are not the primary 
        residence of an individual, as described in section 1307(a)(2), 
        shall be increased by 25 percent each year, until the average 
        risk premium rate for such properties is equal to the average of 
        the risk premium rates for properties described under paragraph 
        (1).''.

    (c) <<NOTE: 42 USC 4015 note.>>  Effective Date.--The first increase 
in chargeable risk premium rates for residential properties which are 
not the primary residence of an individual under section 1308(e)(2) of 
the National Flood Insurance Act of 1968, as added by this Act, shall 
take effect on July 1, 2012, and the chargeable risk premium rates

[[Page 126 STAT. 366]]

for such properties shall be increased by 25 percent each year 
thereafter, as provided in such section 1308(e)(2).
SEC. 3. COMPLIANCE WITH PAYGO.

    The budgetary effects of this Act, for the purpose of complying with 
the Statutory Pay-As-You-Go Act of 2010, shall be determined by 
reference to the latest statement titled ``Budgetary Effects of PAYGO 
Legislation'' for this Act, submitted for printing in the Congressional 
Record by the Chairman of the Senate Budget Committee, provided that 
such statement has been submitted prior to the vote on passage.

    Approved May 31, 2012.

LEGISLATIVE HISTORY--H.R. 5740:
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CONGRESSIONAL RECORD, Vol. 158 (2012):
            May 16, 17, considered and passed House.
            May 24, considered and passed Senate, amended.
            May 30, House concurred in Senate amendment.

                                  <all>
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