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Bill

A 425

Increases the number of properties eligible for the coastal market assistance program

2025 Regular Session Introduced by Steve Otis

Bill A 425 expands eligibility for the coastal market assistance program, helping more coastal property owners access support against climate-related risks like flooding and hurricanes.

SIGNED CHAP.11
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WeVote Research Nonpartisan
Bill Summary · A 425

Summary of Bill A 425

Bill Number: A 425
Title: Increases the number of properties eligible for the coastal market assistance program
Status: SIGNED CHAP.11
Introduced: January 08, 2025
Classification: Bill

Purpose and Intent

Bill A 425 aims to expand the eligibility criteria for the coastal market assistance program. This program is designed to provide support and resources to property owners in coastal areas, particularly those facing challenges related to insurance and market access due to environmental risks such as flooding and hurricanes.

Key Provisions

  • Increased Eligibility: The bill broadens the scope of properties that can qualify for assistance under the coastal market assistance program. Specific criteria for eligibility have not been detailed in the provided information, but the intent is to include more properties that may be at risk or underserved.

  • Support for Coastal Property Owners: By increasing the number of eligible properties, the bill seeks to enhance the financial stability of homeowners and businesses in coastal regions, thereby promoting resilience against climate-related risks.

Affected Parties

  • Property Owners: The primary beneficiaries of this bill will be property owners in coastal areas who may have previously been ineligible for assistance. This includes residential homeowners and commercial property owners.

  • Insurance Providers: The bill may also impact insurance companies operating in coastal markets, as an increase in eligible properties could lead to changes in risk assessments and insurance offerings.

Legislative Timeline

  • January 08, 2025: Bill A 425 was introduced and referred to the Insurance Committee.
  • January 28, 2025: The bill was reported and ordered to third reading.
  • February 03, 2025: The bill passed the Assembly and was delivered to the Senate.
  • February 05, 2025: The bill passed the Senate, was substituted for companion bill S 771, and returned to the Assembly.
  • February 12, 2025: The bill was delivered to the Governor.
  • February 14, 2025: Bill A 425 was signed into law as Chapter 11.

Conclusion

Bill A 425 represents a significant step towards enhancing support for coastal property owners by expanding the eligibility for the coastal market assistance program. This legislative change is expected to provide greater financial security and resilience for those living in vulnerable coastal regions. The successful passage of this bill reflects a commitment to addressing the challenges posed by climate change and its impact on coastal communities.

Compiled from official sources — confirm details with the bill’s official record.

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