PoliticalRepoPoliticalRepo

United States · Bill · HR

H.R. 3191 (103rd)

National Flood Insurance Reform Act of 1994

referredUnited States· United States Congress· EN

Introduced

30 September 1993

Last action

—

Status

Received in the Senate and read twice and referred to the Committee on Banking.

Sponsors

—

Subjects

Discovery layer

Source updated

14 January 2025

Official sourceDownload fileView documentsShare

Summary

TABLE OF CONTENTS: Title I: Definitions Title II: Compliance and Increased Participation Title III: Ratings and Incentives for Community Floodplain Management Programs Title IV: Mitigation of Flood and Erosion Risks Title V: Flood Insurance Task Force Title VI: Miscellaneous Provisions National Flood Insurance Reform Act of 1993 - 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 require the Secretary of Housing and Urban Development (HUD) to: (1) prohibit any lending institution from making, increasing, extending, or renewing any loan for real estate in a special flood hazards area unless such real estate is covered by flood insurance under the National Flood Insurance Act of 1968; and (2) direct the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation to implement procedures to achieve those results. Prohibits any other Federal agency lender from making such a loan for appropriate real estate not covered by such flood insurance. Requires residential real estate lenders to establish flood insurance premium escrow accounts. Requires Federal lenders and regulated lending institutions (banks, savings and loans, credit unions) to notify borrowers of special flood hazards and of the need to purchase and maintain flood insurance. Requires such entities, after 60 days' notice, to purchase such insurance on behalf of the borrower and charge the borrower for premium costs. Provides for review of special hazards determinations by the Director of the Federal Emergency Management Agency (FEMA). Imposes civil penalties upon lenders who fail to require flood insurance or to provide appropriate borrower notification of the need for such insurance. Requires the transferor of a loan to notify the transferee of a determination that the real estate that is the basis of such loan is in a special flood hazards area. Provides exceptions. Requires similar notification on loans transferred by the Federal Deposit Insurance Corporation (FDIC) and the Resolution Trust Corporation (RTC). Requires the Director to develop a standard flood hazard determination form for use in connection with loans for residential properties located in an area of special flood hazards and in which flood insurance is available. Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to require regulated lending institutions to conduct examinations and report to the Congress with respect to compliance with the National Flood Insurance Program. Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to require the FEMA Director to annually determine whether enterprises under such Act are in compliance with requirements of the national flood insurance program. Amends the Federal Financial Institutions Examinations Council Act of 1978 to direct the Financial Examinations Council to coordinate with Federal entities for lending regulation and the HUD Secretary 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 premium rate incentives for community floodplain management. Provides program funding. Title IV: Mitigation of Flood and Erosion Risks - Amends the National Flood Insurance Act of 1968 to terminate: (1) the insured flooded property purchase or loan program; and (2) the schedule for payment of flood insurance for structures on land subject to imminent collapse or subsidence. Amends the Housing and Urban Development Act of 1968 to require the FEMA Director to: (1) coordinate all flood and erosion mitigation activities under the Federal Insurance Administrator; and (2) provide financial assistance to States and communities, from the National Flood Mitigation Fund established under this Act, for planning and carrying out flood and erosion mitigation activities. Establishes in the Treasury the National Flood Mitigation Fund for providing such assistance. Requires the FEMA Director to assess an insurance premium mitigation surcharge to cover the flood and erosion mitigation coverage expenses. Repeals (with a one-year transition period) the current programs for the purchase of certain insured properties and the demolition or relocation of threatened structures. Requires the FEMA Director to: (1) conduct a study (and make a report) to determine the feasibility of providing mitigation insurance for increasing repair and reconstruction costs of repeatedly and severely flood damaged insured buildings; (2) conduct a study of riverine erosion; and (3) coordinate coastal zone management programs under the Secretary of Commerce for Oceans and Atmosphere and with the States. Title V: Flood Insurance Task Force - Establishes a two-year interagency Flood Insurance Task Force to: (1) develop standardized flood insurance enforcement procedures; (2) study Federal agency and secondary mortgage market assistance with respect to such enforcement; and (3) study the possibility of existing Federal and corporate flood insurance programs as models for new programs. Title VI: Miscellaneous Provisions - Amends the National Flood Insurance Act of 1968 to: (1) extend through FY 1999 the national flood insurance program; (2) increase flood insurance coverage amounts for nonresidential, single family, and multifamily structures; (3) permit flood insurance private sector participation; and (4) require an assessment (and revision if necessary) of flood insurance maps (with identification of erosion hazard areas) at least every five years. Provides additional funding for the preparation of such maps.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

11 official files

Referred in Senate (text)

View fileDownload file

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.