42 U.S.C. § 4003 : US Code - Section 4003: Additional definitions

Search 42 U.S.C. § 4003 : US Code - Section 4003: Additional definitions

(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
Office of Thrift Supervision, 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) "Director" means the Director 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 Director 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.