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HR 7180 97th Congress House Finance and Financial Sector Arson Business and commerce Fire insurance Fires and Fire Fighters Housing and Housing Finance Insurance Low-income housing Rental housing Urban areas

National Anti-Arson Fire Insurance Act

Introduced: September 23, 1982 Introduced by: Schumer, Charles E. Democratic · New York See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 15, 1982
Referred to Subcommittee on Housing and Community Development.
Sep 23, 1982
Referred to House Committee on Banking, Finance and Urban Affairs.
Sep 23, 1982
Introduced in House
 Plain-English summary Congressional Research Service

National Anti-Arson Fire Insurance Act - Prohibits payment under a fire insurance policy for a multifamily rental property or commercial property located in an urban county or metropolitan city which meets economic distress standards established under the Housing and Community Development Act of 1974 if, on the date of the loss involved, the total amount of property taxes overdue on such property exceeds three-fourths of the taxes assessed for the most recent taxable year.

Subjects any insurer who knowingly violates this Act to a civil penalty of up to $100,000 for each such violation.

Makes an insurer liable to a tenant for losses arising out of a fire if fire insurance proceeds are not payable with respect to the property involved as a result of this Act and the property owner's assets are insufficient to cover the tenant's losses. Limits the aggregate liability of an insurer with respect to a fire at a property to the amount of insurance proceeds that would be payable to the property owner in the absence of this Act.

Authorizes appropriations.

What's happening now October 15, 1982

Referred to Subcommittee on Housing and Community Development.

 Committees of jurisdiction 2