National Flood Insurance Compliance, Mitigation, and Erosion Management Act of 1993

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, Compliance, Mitigation, and Erosion Management 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 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. 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 and Erosion Risks - Amends the National Flood Insurance Act of 1968 to repeal (subject to specified transition periods): (1) the flooded property purchase and loan program; and (2) the erosion-threatened structures program. Establishes a program of flood and erosion damage mitigation insurance. Prohibits flood insurance from being made available for new or substantially improved construction within the ten-year erosion setback. Modifies the floodplain management requirement for participation for areas not adopting erosion management measures. Requires a riverine erosion study. 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) study 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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3 official files

• Introduced in House (text)

  Introduced in House · EN · 14 September 1993

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• Introduced in House (PDF)

  Introduced in House · EN · 14 September 1993

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• Introduced in House

  summary · EN · 5 January 1993

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