42 U.S.C. § 4104b : US Code - Section 4104B: Standard hazard determination forms

Search 42 U.S.C. § 4104b : US Code - Section 4104B: Standard hazard determination forms

(a) Development
The Director, in consultation with representatives of the
mortgage and lending industry, the Federal entities for lending
regulation, the Federal agency lenders, and any other appropriate
individuals, shall develop a standard form for determining, in the
case of a loan secured by improved real estate or a mobile home,
whether the building or mobile home is located in an area
identified by the Director as an area having special flood hazards
and in which flood insurance under this chapter is available. The
form shall be established by regulations issued not later than 270
days after September 23, 1994.
(b) Design and contents
(1) Purpose
The form under subsection (a) of this section shall be designed
to facilitate compliance with the flood insurance purchase
requirements of this chapter.
(2) Contents
The form shall require identification of the type of flood-risk
zone in which the building or mobile home is located, the
complete map and panel numbers for the improved real estate or
property on which the mobile home is located, the community
identification number and community participation status (for
purposes of the national flood insurance program) of the
community in which the improved real estate or such property is
located, and the date of the map used for the determination, with
respect to flood hazard information on file with the Director. If
the building or mobile home is not located in an area having
special flood hazards the form shall require a statement to such
effect and shall indicate the complete map and panel numbers of
the improved real estate or property on which the mobile home is
located. If the complete map and panel numbers are not available
because the building or mobile home is not located in a community
that is participating in the national flood insurance program or
because no map exists for the relevant area, the form shall
require a statement to such effect. The form shall provide for
inclusion or attachment of any relevant documents indicating
revisions or amendments to maps.
(c) Required use
The Federal entities for lending regulation shall by regulation
require the use of the form under this section by regulated lending
institutions. Each Federal agency lender shall by regulation
provide for the use of the form with respect to any loan made by
such Federal agency lender. The Federal National Mortgage
Association and the Federal Home Loan Mortgage Corporation and the
Government National Mortgage Association shall require the use of
the form with respect to any loan purchased by such entities. A
lender or other person may comply with the requirement under this
subsection by using the form in a printed, computerized, or
electronic manner.
(d) Guarantees regarding information
In providing information regarding special flood hazards on the
form developed under this section, any lender (or other person
required to use the form) who makes, increases, extends, or renews
a loan secured by improved real estate or a mobile home may provide
for the acquisition or determination of such information to be made
by a person other than such lender (or other person), only to the
extent such person guarantees the accuracy of the information.
(e) Reliance on previous determination
Any person increasing, extending, renewing, or purchasing a loan
secured by improved real estate or a mobile home may rely on a
previous determination of whether the building or mobile home is
located in an area having special flood hazards (and shall not be
liable for any error in such previous determination), if the
previous determination was made not more than 7 years before the
date of the transaction and the basis for the previous
determination has been set forth on a form under this section,
unless -
(1) map revisions or updates pursuant to section 4101(f) of
this title after such previous determination have resulted in the
building or mobile home being located in an area having special
flood hazards; or
(2) the person contacts the Director to determine when the most
recent map revisions or updates affecting such property occurred
and such revisions and updates have occurred after such previous
determination.
(f) Effective date
The regulations under this section requiring use of the form
established pursuant to this section shall be issued together with
the regulations required under subsection (a) of this section and
shall take effect upon the expiration of the 180-day period
beginning on such issuance.