PUBLIC LAW 112–123—MAY 31, 2012 126 STAT. 365 

Public Law 112–123 

112th Congress 

An Act 

To extend the National Flood Insurance Program, and for other purposes. 

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) 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 

42 USC 4015 

note. 

May 31, 2012 

[H.R. 5740] 


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126 STAT. 366 PUBLIC LAW 112–123—MAY 31, 2012 

LEGISLATIVE HISTORY—H.R. 5740: 

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. 

Æ 

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. 


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