Sec. 509. Satisfaction of mandatory purchase requirement in States requiring flood coverage in all-perils policies
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/bill/115/hr/2874/ih/section-509·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 102 of the Flood Disaster Protection Act of 1973 ( 42 U.S.C. 4012a ) is amended— in subsection (a), by striking After and inserting Subject to subsection
(i)of this section, after ; in subsection (b)— in paragraph (1), by striking Each and inserting Subject to subsection
(i)of this section, each ; in paragraph (2), by striking Each and inserting Subject to subsection
(i)of this section, A ; and in paragraph (3), by striking The and inserting Subject to subsection
(i)of this section, the ; in subsection (e)(1), by striking If and inserting Subject to subsection
(i)of this section, if ; and by adding at the end the following new subsection: Subsections (a), (b), and
(e)of section 102 shall not apply with respect to residential properties in any State for which the Administrator determines that State law, including any regulation or Executive order, requires that with respect residential properties any property insurance coverage that covers all perils except specifically excluded perils shall include coverage for flood perils in an amount at least equal to the outstanding principal balance of the loan or the maximum limit of flood insurance coverage made available under this title with respect to such type of residential property, whichever is less. The Administrator may establish such definitions, procedures, and standards as the Administrator considers necessary for making determinations under paragraph (1). .
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Sec. 509
Satisfaction of mandatory purchase requirement in States requiring flood coverage in all-perils policies
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