Sec. 509. Satisfaction of mandatory purchase requirement in States allowing all-perils policies
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/bill/115/hr/2874/rh/section-509A 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 the first place such term appears and inserting Subject to subsection
(i)of this section, A ; and in paragraph (3), by striking The the first place such term appears 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: Section 102 shall not apply with respect to residential properties in any State that allows any property insurance coverage that covers all-perils except specifically excluded perils that includes 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 allowing all-perils policies
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