Sec. 8. Participation studies
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The Federal entities for lending regulation shall conduct an annual study regarding the rate at which persons who are subject to the mandatory purchase requirement are complying with that requirement. The Federal entities for lending regulation shall submit the result of each study conducted under paragraph
(1)to the appropriate committees of Congress. The Administrator of the Federal Emergency Management Agency shall conduct an annual study regarding the rate at which individuals who live in areas that have not been identified, under the National Flood Insurance Act of 1968 ( 42 U.S.C. 4001 et seq.) or the Flood Disaster Protection Act of 1973 ( 42 U.S.C. 4002 et seq.), as having a special flood hazard participate in, or receive financial assistance under, the National Flood Insurance Program. The Administrator shall submit the result of each study conducted under paragraph
(1)to the appropriate committees of Congress. The Comptroller General of the United States shall conduct a study of the implementation and efficacy of the requirements of section 102 of the Flood Disaster Protection Act of 1973 ( 42 U.S.C. 4012a ). Such study shall at minimum consider the following questions: How effectively do Federal agencies, regulated lending institutions, and Federal entities for lending regulation implement the requirements of section 102 of the Flood Disaster Protection Act of 1973? Does the current implementation of Flood Disaster Protection Act of 1973 align with the congressional findings and purposes described in section 2(b) of such Act ( 42 U.S.C. 4002 )? What is the current level of compliance with section 102? What are the estimated historical impacts on revenue to the National Flood Insurance Program based on the current level of compliance of section 102? Is the current monitoring and tracking framework in place sufficient to ensure compliance with section 102? What is the best way to establish a consolidated, comprehensive, and accurate repository of data on compliance with section 102? What, if any, unintended consequences have resulted from the requirements and implementation of section 102? How can Federal agencies and regulated lending institutions improve compliance with section 102? Not later than the expiration of the 18-month period beginning on the date of the enactment of this Act, the Comptroller General shall submit a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate regarding the findings and conclusions of the study conducted pursuant to this subsection.
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