Biennial report to president a in general b effects of flood insurance program 4028. Should the subject propertyfall within a flood hazard area as defined in the act, then iwe authorize. Flood disaster protection act, interagency examination. A rational approach to flood damage prevention larry j. This fis revises and updates information on the existence and severity of flood hazards in the geographic area of comal county. The national flood insurance act of 1968 created the federal insurance administration and made flood insurance available for the first time. The national flood insurance act of 1968 is a piece of legislation passed in the united states. The national flood insurance program nfip is administered primarily under two statutes. No federal officer or agency shall approve any financial assistance for acquisition or construction purposes on and after july 1, 1975, for use in any area that has been identified by the administrator as an area having special flood hazards unless the community in which such area is situated is then participating in the national flood insurance program. And if federally required, the insurance payment must be escrowed. To amend the flood disaster protection act of 1973 to require that certain buildings and personal property be covered by flood insurance, and for other purposes.
In this forum you will find comments and questions concerning the flood disaster protection act and the civil monetary penalties associated with it. On july 6, 2012, president obama signed into law h. The sources of authority for this fis are the national flood insurance act of 1968 and the flood disaster protection act of 1973. National flood insurance program means the program established by the united states congress under provisions of the national flood insurance act of 1968, as amended, and as expanded in the flood disaster protection act of 1973, designed to provide flood insurance at rates made affordable through federal subsidy.
Per the flood disaster protection act of 1973 and the national flood insurance reform act of 1994, homes and businesses in highrisk flood areas sfhas with mortgages from federally regulated, supervised, and insured lenders are required to have flood insurance. The creation of this act resulted in the creation of the nfip, national flood insurance program, which enables property owners in participating communities to purchase insurance. National flood insurance act of 1968 and the flood disaster. Accessible book, flood insurance, law and legislation. Subcommittee on housing and urban affairs 1 edition.
It also addresses the types of structures eligible for flood insurance under the national flood insurance program, which is administered primarily under the national flood insurance act. May 02, 2012 flood disaster protection act of 1973 by united states. Two subsequent laws, the flood disaster protection act of 1973 and the national flood insurance reform act of 1994 have made the purchase of flood insurance mandatory for federally backed mortgages on structures located in special flood. Flood disaster protection act of 1973 section 102 images. Private flood insurance market development act of 2017. The 1968 act made federally subsidized flood insurance. Oct 17, 2011 on october 17, 2011, the office of the comptroller of the currency occ, along with the board of governors of the federal reserve system, the federal deposit insurance corporation, the national credit union administration, and the farm credit administration the agencies, published in the federal register updates to the interagency questions and answers regarding flood insurance. The flood disaster protection act was enacted in 1973 by congress in order to protect homes which are most vulnerable. The program was first amended by the flood disaster protection act of 1973, which made. The flood insurance protection act of 1973 the flood insurance protection act of 1973 mandated that lenders require flood insurance on loans secured by properties located within highrisk flood areas. Should the subject property fall within a flood hazard area as defined in the act, then iwe authorize.
The flood disaster protection act fdpa of 1973 and the national flood insurance reform act nfira of 1994 mandate the purchase of flood insur ance as a condition of receiving federal or federallyrelated financial assistance whenever a lender makes, increases, extends or renews any loan secured by. Background the national flood insurance program nfip was created by the congress of the united states in 1968 through the national flood insurance act of 1968. Interagency statement on effective dates of certain provisions of the biggertwaters act and impact on proposed. Abstract the national flood insurance program nfip is administered primarily under two statutes. Table of contents c compensation and travel expenses 4026. Abstract fema publishes proposed determinations of base 1 % annualchance flood elevations bfes and modified bfes for communities.
Flood disaster protection act forum compliance resource. Section 102 a of the flood disaster protection act of 1973. The national flood insurance act of 1968 created the nfip. Regulation h flood disaster protection introduction the national flood insurance program nfip is administered primarily under the national flood insurance act of 1968 1968 act and the flood disaster protection act of 1973 fdpa. National flood insurance act of 1968 and flood disaster. The flood disaster protection act of 1973, which also amended the 1968 act, required that flood prone communities be.
Flood disaster protection act how is flood disaster. Housing and urban development act of 1968 as amended 42 usc 42014128 independent sections of the flood disaster protection act of 1973. Fdic law, regulations, related acts table of contents previous page 6500 consumer financial protection bureau appendix l to part 1026assumed loan periods for computations of total annual loan cost rates a required tables. The 1968 act made federally subsidized flood insurance available to owners of improved real estate or mobile homes located in special flood hazard areas sfha. Flood disaster protection act, 1973 the purpose of the act was to. Flood insurance act of 1968 1968 act and the flood disaster protection act of 1973 fdpa. Glossary term national flood insurance program nfip. Searchable text of the 42 usc 4003 definitions applicable to flood disaster protection act of 1973 us code, including notes, amendments, and table of authorities.
Private flood insurance market development act of 2017 2017. Congress extends the national flood insurance program and. Code 4106 nonparticipation in flood insurance program. The flood disaster protection act of 1973 is a land use control and regulatory statute whose effective date was march 2, 1974. An act to expand the national flood insurance program by substantially increasing limits of coverage and total amount of insurance authorized to be outstanding and by requiring known flood prone communities to participate in the program, and for other purposes. Subsection b of section 102 of the flood disaster protection act of 1973 42 u. Hearings, ninetythird congress, first session, on s. The disaster relief and emergency assistance act, referred to in.
The federal disaster protection act of 1973 and flood insurance reform act of 1994 mandate that lenders determine the need for flood insurance by identifying mortgage properties on federal flood maps and ensuring that coverage is kept in force for the life of the loan. The biggertwaters flood insurance reform act of 2012 the act, enacted july 6, 2012, amended various provisions of the flood disaster protection act of 1973 fdpa. Flood disaster protection act does this affect you. The national flood insurance act of 1968 the national flood insurance act of 1968 launched the national flood insurance program. Definitions applicable to flood disaster protection act of 1973 4004. Fdic law, regulations, related acts consumer protection. National flood insurance act of 1968 and flood disaster protection. Iwe herebyacknowledge that we have been advised of the flood disaster protection act of 1973 and the requirements that iwe provide such insurance coverage on anyproperty located within an area designated as a flood hazard area. The nfip is administered by a department of the federal emergency management agency fema, the federal insurance administration fia.
Will comply with flood insurance purchase requirements of section 102a of the flood disaster protection act of 1973 p. Protection act of 1973 disaster relief act of 1969 rapid city sd flash flood. Section 102 a of the flood disaster protection act of. The fdpa requires federal financial regulatory agencies to adopt. City of new york, ny flood hazard mapping status report. Definitions applicable to biggertwaters flood insurance reform act of 2012 4005. Flood disaster protection act of 1973 requires that flood insurance protection be purchased for any project located in special flood hazard areas sfha, designated by fema as 100year or 500year flood zones, as a condition of the recipient using any hud funds. Congress extends the national flood insurance program and amends the national flood insurance act and the flood disaster protection act. The amendments to section 102d1 of the flood disaster protection act of 1973 42 u. The national flood insurance act of 1968, as amended, and. Iwe hereby acknowledge that we have been advised of the flood disaster protection act of 1973 and the requirements that iwe provide such insurance coverage on any property located within an area designated as a flood hazard area. Flood disaster protection act of 1973 open library. Fdic law, regulations, related acts consumer financial.
National flood insurance act of 1968 and the flood. The 1968 act made federally subsidized flood insurance available to. Full text of flood disaster protection act of 1973. Flood disaster protection act of 1975 attached for your consideration is s. Congress implemented these acts to eventually make flood insurance coverage available on reasonable terms and conditions to persons who have need for such protection. How big of a risk is there of experiencing flood damage during the life of a 30year mortgage loan. Flood disaster protection act of 1973 and subsequent statutory revisions made it the lenders responsibility to determine which properties are in areas most prone to flooding and, further, to become the enforcer for the purchase and maintenance of flood insurance protection. Flood disaster protection act of 1973 by united states. Flood disaster protection introduction background and summary the national flood insurance program nfip is administered primarily under two statutes.
Incorporates revised flood hazard analysis and mapping for. The national flood insurance program nfip is administered primarily under the national flood insurance act of 1968 1968 act and the flood disaster protection act of 1973 fdpa. Flood disaster protection this contract is subject to the requirements of the flood disaster protection act of 1973 p. Mar 11, 2016 the flood disaster protection act of 1973 made the purchase of flood insurance mandatory for the protection of property located in special flood hazard areas. Flood disaster protection act fdpa overview the national flood insurance program nfip is administered primarily under two statutes. No portion of the assistance provided under this contract is approved for acquisition or construction purposes as defined under section 3a of said act, for use in an area identified. Flood disaster protection act audit worksheet compliance. The only truly allinclusive federal banking compliance advisory service staffed with attorneys, former auditors and compliance specialists. No portion of the assistance provided under this contract is approved for acquisition or construction purposes as defined under section 3a of said act, for use in. Fdic consumer compliance examination manual september 2019.
The flood disaster protection act of 1973 made the purchase of flood insurance mandatory for the protection of property located in special flood hazard areas. The bill would amend the national flood insurance act of 1968 to prohibit the federal emergency management agency from providing flood insurance to prospective insureds at rates less than those estimated for any property purchased after the expiration of such sixmonth period currently, any property purchased after july 6, 2012. Definitions applicable to homeowner flood insurance affordability act of 2014. The flood disaster protection act of 1973 mandates that flood insurance must be purchased for structures located within the sfha as a condition of receipt of federal or federally backed financing.
For the original may 16, 1983, fis and november 16, 1983. The national flood insurance act of 1968, as amended, and the flood disaster protection act of 1973, as amended,42 u. For complete classification of this act to the code, see short title of 1973 amendment note set out under section 4001 of this title and tables. Xvilson throughout history, man has utilized rivers for water supply, transportation, power generation, and waste disposal. The occ, the board of governors of the federal reserve system, the federal deposit insurance corporation, the national credit union administration, and the farm credit. The flood hazard boundary map was intended to assist communities in managing floodplain development, and insurance agents and property owners in identifying those areas where the purchase of flood insurance was advisable. Aug 06, 2009 on july 21, 2009, the office of the comptroller of the currency, along with the board of governors of the federal reserve system, the federal deposit insurance corporation, office of thrift supervision, national credit union administration, and the farm credit administration the agencies, published in the federal register interagency questions and answers regarding flood insurance 2009. The 1968 act made federally subsidized flood insurance available to owners of improved real estate or mobile homes located in special flood hazard areas sfha if their community. This booklet addresses compliance with flood insurance requirements for. Flood disaster protection act of 1973 as amended public law 93234, approved december 31, 1973. Mar 29, 20 the occ and other federal financial regulatory agencies have published a statement to inform banks about the effective dates of provisions regarding flood insurance amended by the biggertwaters act.
1 474 410 196 1300 1282 901 217 1562 530 1555 249 300 185 1422 1378 1181 1174 1474 149 749 1472 222 578 347 1092 408 117 1053 1067 394 292 683 812 1317 795 517 761 551 214 535 821