42 U.S.C. § 4029 : US Code - Section 4029: Colorado River Floodway

Search 42 U.S.C. § 4029 : US Code - Section 4029: Colorado River Floodway

(a) Renewal and transfer of policies; acquisition of policies after
filing of maps
Owners of existing National Flood Insurance Act policies with
respect to structures located within the Floodway established under
section 1600c of title 43 shall have the right to renew and
transfer such policies. Owners of existing structures located
within said Floodway on October 8, 1986, who have not acquired
National Flood Insurance Act policies shall have the right to
acquire policies with respect to such structures for six months
after the Secretary of the Interior files the Floodway maps
required by section 1600c(b)(2) (!1) of title 43 and to renew and
transfer such policies.
(b) New coverage for new construction or substantial improvements
No new flood insurance coverage may be provided under this
chapter on or after a date six months after October 8, 1986, for
any new construction or substantial improvements of structures
located within the Colorado River Floodway established by section
1600c of title 43. New construction includes all structures that
are not insurable prior to that date.
(c) Establishment of temporary boundaries
The Secretary of the Interior may by rule after notice and
comment pursuant to section 553 of title 5 establish temporary
Floodway boundaries to be in effect until the maps required by
section 1600c(b)(2) (!1) of title 43 are filed, for the purpose of
enforcing subsections (b) and (d) of this section.
(d) Loans by federally supervised, approved, regulated, or insured
financial institutions
A regulated lending institution or Federal agency lender may make
loans secured by structures which are not eligible for flood
insurance by reason of this section: Provided, That prior to making
such a loan, such institution determines that the loans or
structures securing the loan are within the Floodway.