Mass. Bill Seeks To Cap Lender-Required Flood Insurance

Law360, New York (October 16, 2013, 5:59 PM ET) -- Mortgage lenders may have to cap the amount of flood insurance they require of homeowners, if a new bill proposed Wednesday by the Massachusetts attorney general and state House speaker passes.

State Attorney General Martha Coakley and House Speaker Robert DeLeo said the bill was created to assist homeowners facing flood insurance increases due to the Federal Emergency Management Agency’s updated and expanded flood zone maps.

“The proposed legislation, An Act Relative to Flood Insurance, would prohibit creditors from requiring homeowners to purchase flood insurance in...
To view the full article, register now.