Flood Disaster Protection Act of 1973

Summary

Note that only those sections of the Act with particular relevance to financial institutions are indexed below

The Act generally makes available flood insurance to persons living in flood prone areas and requires that insured depository institutions require such insurance as a condition for lending with such property as collateral

Flood Disaster Protection Act of 1973

§2 Findings and declaration of Purpose

Codified to 42 USC. 4002

§3 Definitions

Codified to 42 USC 4003

§102 Requirement to Purchase Flood Insurance

Codified to 42 USC 4012a
102(a) Requirement to Purchase Flood Insurance

102(b) Requirement for Mortgage Loans

(1) Regulated Lending Institutions
(2) Federal Agency Lenders
(3) Government Sponsored Enterprises for Housing
(4) Applicability

103(c) Exceptions to Purchase Requirements

(1) State Owned Property
(2) Small Loans

103(d) Escrow of Flood Insurance Payments

(1) Regulated Lending Institutions
(2) Federal Agency Lenders
(3) Applicability of RESPA
(4) Definitions
(5) Applicability

103(e) Placement of Flood Insurance by Lender

(1) Notification to Borrower of Lack of Coverage
(2) Purchase of Coverage on Behalf of Borrower
(3) Review of Determine Regarding Required Purchase
(4) Applicability

103(f) Civil Money Penalties for Failure to Require
Flood Insurance

(1) CMPs against regulated lenders
(2) Lender Violations
(3) CMPS Against GSEs
(4) Notice and Hearing
(5) Amount
(6) Lender Compliance
(7) Effect of Transfer on Liability
(8) Deposit of Penalties
(9) Additional Penalties
(10) Statute of Limitations

103(g) Other Actions to Remedy Pattern of
Noncompliance

(1) Authority of federal entities for lending regulation
(2) Determination of violations

103(h) Fee For Determining Location

(1) Borrower Fee
(2) Purchaser or Transferee Fee

202 Effect of Nonparticipation

Codified to 42 USC 4106

§205 Director Authorized to Issue Regulations

Codified to 42 USC 4128

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