H.R. 2555: Homeowners' Defense Act of 2010

111th Congress · introduced 2009-05-21 · Finance and Financial Sector · Latest: Placed on the Union Calendar, Calendar No. 306.

federal

Follow this bill, step by step

Where it came from: introduced 2009-05-21 · official record
Who proposed it: Rep. Klein, Ron [D-FL-22] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Placed on the Union Calendar, Calendar No. 306. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Homeowners' Defense Act of 2010

Plain summary

Homeowners' Defense Act of 2010 - Title I: National Catastrophe Risk Consortium - (Sec. 101) Establishes the National Catastrophe Risk Consortium as a nonprofit, nonfederal entity to: (1) maintain an inventory of catastrophe risk obligations held by state reinsurance funds, state residual insurance market entities, and state-sponsored providers of natural catastrophe insurance; (2) issue, on a conduit basis, securities and other financial instruments linked to catastrophe risks insured or reinsured through Consortium members; (3) coordinate reinsurance contracts; (4) act as a centralized repository of state risk information accessible by certain private-market participants; and (5) establish a database to perform research and analysis that encourages standardization of the risk-linked securities market. (Sec. 104) Prohibits the Consortium from: (1) engaging in federal election and lobbying activities; (2) making any contribution to a candidate for election for any state or local office or to any group that receives contributions or makes expenditures for the purpose of influencing any election; (3) employing or retaining any person who engages in influencing any such election or the legislating of any state or local legislative body; or (4) providing any thing of value, other than educational materials or information, to any elected official of a governmental entity. (Sec. 107) Shields the federal government and the Consortium from liability for Consortium actions. Declares that participating states retain all catastrophe risk until the Consortium: (1) issues securities and other financial instruments linked to the catastrophe risks insured or reinsured through members of the Consortium in the capital markets; and (2) coordinates reinsurance contracts between participating, qualified reinsurance funds and private parties. (Sec. 108) Authorizes appropriations for FY2010-FY2014. Title II: Catastrophe Obligation Guarantees - (Sec. 202) Authorizes the Secretary of the Treasury to guarantee holders of debt against loss of principal or interest, or both, on debt issued by eligible state programs that: (1) promote the availability of private capital to provide liquidity and capacity to state catastrophe insurance programs; (2) expedite claims payments; and (3) assist financial recovery from significant natural catastrophes. Provides separate limits on the total principal amount of such obligations for programs that cover earthquake peril and those that cover all other perils. Subjects the catastrophic debt guarantee to specified requirements. (Sec. 204) Pledges the full faith and credit of the United States to the payment of all guarantees with respect to principal and interest. (Sec. 205) Directs the Secretary to charge and collect fees for such guarantees. Title III: Reinsurance Coverage for Eligible State Programs - (Sec. 301) Directs the Secretary to make contracts for reinsurance coverage available for purchases only by eligible state programs. (Sec. 302) Sets pricing guidelines and limits aggregate potential federal liability. (Sec. 305) Establishes a Federal Natural Catastrophe Reinsurance Fund to be funded by: (1) sales of reinsurance coverage contracts; (2) amounts appropriated for liability for claims payment; and (3) earnings on investments. Title IV: Mitigation Grant Program - (Sec. 401) Directs the Secretary of Housing and Urban Development (HUD) to establish and implement a program of grants to eligible entities to develop, enhance, or maintain programs to prevent and mitigate losses from natural catastrophes. Includes among such eligible entities a nationally recognized, congressionally chartered disaster response non-profit organization. Requires the Secretary of HUD to use for such grants at least 35% of the net investment income from the Federal Natural Catastrophe Reinsurance Fund earned in each fiscal year. Title V: General Provision s - (Sec. 501) Prescribes grant criteria for eligible state programs. Prohibits this Act from being construed to limit or prevent any eligible state program from obtaining reinsurance coverage for insured losses retained by insurers. (Sec. 502) Directs the Secretary to study the need for and impact of expanding the programs established by this Act to apply to insured losses of eligible state programs for losses arising from commercial insurance policies that provide coverage for properties composed predominantly of residential rental units. (Sec. 503) Directs the Comptroller General to study and report to Congress on: (1) risk-based rate pricing, to determine the use of actuarially sound pricing for state insurance, reinsurance, or residual market programs (including what measures states are taking to implement actuarially sound rates); and (2) rates for state insurance, reinsurance, or residual market programs that fail to cover the expected value of all future costs, including the cost of capital, associated with insurance policies or reinsurance contracts written by such programs, or that fail to have sufficient assets above their indebtedness to meet their obligations.

Congressional Research Service summary (Reported to House with amendment(s)), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Homeowners' Defense Act of 2010

Source: Congressional Research Service summary (Reported to House with amendment(s))

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Klein, Ron [D-FL-22] · 80 cosponsors

Cost estimate: CBO cost estimate: H.R. 2555, Homeowners' Defense Act of 2010 (2010-06-02); CBO cost estimate: H.R. 2555, Homeowners' Defense Act of 2010 (2010-06-02)

Cosponsors on this site

John B. Larson (D-CT), James E. Clyburn (D-SC), Peter Welch (D-VT), Kathy Castor (D-FL), Vern Buchanan (R-FL), Adam B. Schiff (D-CA), Debbie Wasserman Schultz (D-FL), Henry C. "Hank" Johnson, Jr. (D-GA), Mazie K. Hirono (D-HI), Mario Diaz-Balart (R-FL), Steve Cohen (D-TN), Diana DeGette (D-CO) and 20 more.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (4)

Appropriation: Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
Fiscal year: The 12-month period a government uses for its budget. The federal fiscal year runs from October 1 to September 30 and is named for the calendar year in which it ends. Most states use July 1 to June 30.
Obligation: A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Reported to House with amendment(s))
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-111hr2555.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/111/hr>

Record fed-us-cong111-hr2555 · catalog fed-us-congress-bills-cong111 · updated 2026-11-15 by psicol fed-bills-cong111