1. U.S. Code
  2. title 42
  3. chapter 50
  4. § 4001

Collapse to view only § 4001. Congressional findings and declaration of purpose

§ 4001. Congressional findings and declaration of purpose
(a) Necessity and reasons for flood insurance program
(b) Participation of Federal Government in flood insurance program carried out by private insurance industry
(c) Unified national program for flood plain management
(d) Authorization of flood insurance program; flexibility in program
(e) Land use adjustments by State and local governments; development of proposed future construction; assistance of lending and credit institutions; relation of Federal assistance to all flood-related programs; continuing studies
(f) Mudslides
(Pub. L. 90–448, title XIII, § 1302, Aug. 1, 1968, 82 Stat. 572; Pub. L. 91–152, title IV, § 409(a), Dec. 24, 1969, 83 Stat. 397; Pub. L. 93–234, title I, § 108(a), Dec. 31, 1973, 87 Stat. 979; Pub. L. 103–325, title V, § 552(d), Sept. 23, 1994, 108 Stat. 2269.)

CITE AS: 42 USC 4001

§ 4002. Additional Congressional findings and declaration of purpose
(a) The Congress finds that—
(1) annual losses throughout the Nation from floods and mudslides are increasing at an alarming rate, largely as a result of the accelerating development of, and concentration of population in, areas of flood and mudslide hazards;
(2) the availability of Federal loans, grants, guaranties, insurance, and other forms of financial assistance are often determining factors in the utilization of land and the location and construction of public and of private industrial, commercial, and residential facilities;
(3) property acquired or constructed with grants or other Federal assistance may be exposed to risk of loss through floods, thus frustrating the purpose for which such assistance was extended;
(4) Federal instrumentalities insure or otherwise provide financial protection to banking and credit institutions whose assets include a substantial number of mortgage loans and other indebtedness secured by property exposed to loss and damage from floods and mudslides;
(5) the Nation cannot afford the tragic losses of life caused annually by flood occurrences, nor the increasing losses of property suffered by flood victims, most of whom are still inadequately compensated despite the provision of costly disaster relief benefits; and
(6) it is in the public interest for persons already living in flood-prone areas to have both an opportunity to purchase flood insurance and access to more adequate limits of coverage, so that they will be indemnified, for their losses in the event of future flood disasters.
(b) The purpose of this Act, therefore, is to—
(1) substantially increase the limits of coverage authorized under the national flood insurance program;
(2) provide for the expeditious identification of, and the dissemination of information concerning, flood-prone areas;
(3) require States or local communities, as a condition of future Federal financial assistance, to participate in the flood insurance program and to adopt adequate flood plan ordinances with effective enforcement provisions consistent with Federal standards to reduce or avoid future flood losses; and
(4) require the purchase of flood insurance by property owners who are being assisted by Federal programs or by federally supervised, regulated, or insured agencies or institutions in the acquisition or improvement of land or facilities located or to be located in identified areas having special flood hazards.
(Pub. L. 93–234, § 2, Dec. 31, 1973, 87 Stat. 975.)

CITE AS: 42 USC 4002

§ 4003. Definitions applicable to Flood Disaster Protection Act of 1973
(a) As used in this Act, unless the context otherwise requires, the term—
(1) “community” means a State or a political subdivision thereof which has zoning and building code jurisdiction over a particular area having special flood hazards;
(2) “Federal agency” means any department, agency, corporation, or other entity or instrumentality of the executive branch of the Federal Government, and includes the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation;
(3) “financial assistance” means any form of loan, grant, guaranty, insurance, payment, rebate, subsidy, disaster assistance loan or grant, or any other form of direct or indirect Federal assistance, other than general or special revenue sharing or formula grants made to States;
(4) “financial assistance for acquisition or construction purposes” means any form of financial assistance which is intended in whole or in part for the acquisition, construction, reconstruction, repair, or improvement of any publicly or privately owned building or mobile home, and for any machinery, equipment, fixtures, and furnishings contained or to be contained therein, and shall include the purchase or subsidization of mortgages or mortgage loans but shall exclude assistance pursuant to the Disaster Relief and Emergency Assistance Act [42 U.S.C. 5121 et seq.] (other than assistance under such Act in connection with a flood);
(5) “Federal entity for lending regulation” means the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the National Credit Union Administration, and the Farm Credit Administration, and with respect to a particular regulated lending institution means the entity primarily responsible for the supervision of the institution;
(6) “Administrator” means the Administrator of the Federal Emergency Management Agency;
(7) “Federal agency lender” means a Federal agency that makes direct loans secured by improved real estate or a mobile home, to the extent such agency acts in such capacity;
(8) the term “improved real estate” means real estate upon which a building is located;
(9) “lender” means a regulated lending institution or Federal agency lender;
(10) “regulated lending institution” means any bank, savings and loan association, credit union, farm credit bank, Federal land bank association, production credit association, or similar institution subject to the supervision of a Federal entity for lending regulation; and
(11) “servicer” means the person responsible for receiving any scheduled periodic payments from a borrower pursuant to the terms of a loan, including amounts for taxes, insurance premiums, and other charges with respect to the property securing the loan, and making the payments of principal and interest and such other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the loan.
(b) The Administrator is authorized to define or redefine, by rules and regulations, any scientific or technical term used in this Act, insofar as such definition is not inconsistent with the purposes of this Act.
(Pub. L. 93–234, § 3, Dec. 31, 1973, 87 Stat. 976; Pub. L. 95–128, title VII, § 703(b), Oct. 12, 1977, 91 Stat. 1145; Pub. L. 98–181, title I [title IV, § 451(e)], Nov. 30, 1983, 97 Stat. 1229; Pub. L. 100–707, title I, § 109(t), Nov. 23, 1988, 102 Stat. 4710; Pub. L. 103–325, title V, § 511(a), Sept. 23, 1994, 108 Stat. 2255; Pub. L. 111–203, title III, § 368, July 21, 2010, 124 Stat. 1557; Pub. L. 112–141, div. F, title II, § 100238(a)(1), July 6, 2012

CITE AS: 42 USC 4003

§ 4004. Definitions applicable to Biggert-Waters Flood Insurance Reform Act of 2012
(a) In general
In this subtitle, the following definitions shall apply:
(1) 100-year floodplain
(2) 500-year floodplain
(3) Administrator
(4) National Flood Insurance Program
(5) Write Your Own
(b) Common terminology
(Pub. L. 112–141, div. F, title II, § 100202, July 6, 2012, 126 Stat. 916.)

CITE AS: 42 USC 4004

§ 4005. Definitions applicable to Homeowner Flood Insurance Affordability Act of 2014
For purposes of this title,1
1 See References in Text note below.
the following definitions shall apply:
(1) Administrator
(2) National Flood Insurance Program
(Pub. L. 113–89, § 2, Mar. 21, 2014, 128 Stat. 1020.)

CITE AS: 42 USC 4005