National Flood Insurance, Mitigation, and Erosion Management Act of 1991

Summary

National Flood Insurance, Mitigation, and Erosion Management Act of 1991 - Title I: Definitions - Defines specified terms under the Flood Disaster Protection Act of 1973 and the National Flood Insurance Act of 1968. Title II: Compliance and Increased Participation - Amends the Flood Disaster Protection Act of 1973 to expand flood insurance purchase requirements. Requires residential real estate lenders to establish flood insurance premium escrow accounts. Imposes a fine for lenders failing to require flood insurance. Requires the seller-transferor of a residential-secured loan in a flood hazard area to so notify the purchaser-transferee unless a flood hazard determination has been made within the previous five years. Revises flood insurance notice requirements. Amends the National Flood Insurance Act of 1968 to require the development of a standard hazard determination form. Amends the Federal Financial Institutions Examination Council Act of 1978 to direct the Financial Institutions Examination Council to coordinate with Federal entities for lending regulation to develop uniform lender standards. Title III: Ratings and Incentives for Community Floodplain Management Programs - Amends the National Flood Insurance Act of 1968 to provide for a community rating system and incentives for community floodplain management. Provides program funding. Title IV: Mitigation of Flood Risks - Amends the Housing and Urban Development Act of 1968 to establish an Office of Mitigation Assistance in the Federal Insurance Administration to carry out a mitigation assistance grant program. Amends the National Flood Insurance Act of 1968 to establish in the Treasury the National Flood Mitigation Fund. Provides for an insurance premium mitigation surcharge to be paid into such Fund. Authorizes a mitigation transition pilot program to be carried out through the Office of Mitigation Assistance. Repeals (with a transition period) the current program for the purchase of certain insured properties. Title V: Flood Insurance Task Force - Establishes a two-year interagency Flood Insurance Task Force which shall: (1) develop standardized flood insurance enforcement procedures and guidelines; and (2) conduct a study of the extent to which the secondary mortgage market can assist enforcement. Title VI: Miscellaneous Provisions - Amends the National Flood Insurance Act of 1968 to: (1) increase flood insurance coverage amounts for nonresidential, single family, and multifamily structures; (2) permit flood insurance private sector participation; and (3) require at least every five years an assessment (and revision if necessary) of flood insurance maps.

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Documents

7 official files

• Reported in House (text)

  Reported in House · EN

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• Referred in Senate (text)

  Referred in Senate · EN

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• Introduced in House (text)

  Introduced in House · EN

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• Engrossed in House (text)

  Engrossed in House · EN

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• Passed House amended

  summary · EN · 1 May 1991

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• Reported to House with amendment(s)

  summary · EN · 22 April 1991

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• Introduced in House

  summary · EN · 5 March 1991

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