National Flood Insurance Compliance, Mitigation, and Erosion Management Act of 1993
TABLE OF CONTENTS:
Title I: Definitions
Title II: Compliance and Increased Participation
Title III: Ratings and Incentives for Community Floodplain
Management Programs
Title IV: Mitigation of Flood and Erosion Risks
Title V: Flood Insurance Task Force
Title VI: Miscellaneous Provisions
National Flood Insurance, Compliance, Mitigation, and Erosion Management Act of 1993 - Title I: Definitions - Defines specified terms under the Flood Disaster Protection Act of 1973 and the National Flood Insurance Act of 1968.
Title II: Compliance and Increased Participation - Amends the Flood Disaster Protection Act of 1973 to expand flood insurance purchase requirements.
Requires residential real estate lenders to establish flood insurance premium escrow accounts.
Imposes a fine for lenders failing to require flood insurance.
Requires the seller-transferor of a residential-secured loan in a flood hazard area to so notify the purchaser-transferee unless a flood hazard determination has been made within the previous five years.
Revises flood insurance notice requirements.
Amends the National Flood Insurance Act of 1968 to require the development of a standard hazard determination form.
Title III: Ratings and Incentives for Community Floodplain Management Programs - Amends the National Flood Insurance Act of 1968 to provide for a community rating system and incentives for community floodplain management. Provides program funding.
Title IV: Mitigation of Flood and Erosion Risks - Amends the National Flood Insurance Act of 1968 to repeal (subject to specified transition periods): (1) the flooded property purchase and loan program; and (2) the erosion-threatened structures program.
Establishes a program of flood and erosion damage mitigation insurance.
Prohibits flood insurance from being made available for new or substantially improved construction within the ten-year erosion setback.
Modifies the floodplain management requirement for participation for areas not adopting erosion management measures.
Requires a riverine erosion study.
Title V: Flood Insurance Task Force - Establishes a two-year interagency Flood Insurance Task Force which shall: (1) develop standardized flood insurance enforcement procedures and guidelines; and (2) study the extent to which the secondary mortgage market can assist enforcement.
Title VI: Miscellaneous Provisions - Amends the National Flood Insurance Act of 1968 to: (1) increase flood insurance coverage amounts for nonresidential, single family, and multifamily structures; (2) permit flood insurance private sector participation; and (3) require at least every five years an assessment (and revision if necessary) of flood insurance maps.
Sponsor introductory remarks on measure. (CR H3347)