Sec. 9. Disclosure of flood risk information upon transfer of property
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Chapter 1 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4011 et seq.) is amended by adding at the end the following new section: After September 30, 2022, no new flood insurance coverage may be provided under this title for any real property located in any area (or subdivision thereof) unless an appropriate body has imposed, by statute or regulation, a duty on any seller or lessor of improved real estate located in such area to provide to any purchaser or lessee of such property a property flood hazard disclosure which the Administrator has determined meets the requirements of subsection (b).
A property flood hazard disclosure for a property shall meet the requirements of this subsection only if the disclosure— is made in writing; discloses any actual knowledge of the seller or lessor of— prior physical damage caused by flood to any building located on the property; prior insurance claims for losses covered under the National Flood Insurance Program or private flood insurance with respect to such property; any previous notification regarding the designation of the property as a multiple loss property; and any Federal legal obligation to obtain and maintain flood insurance running with the property, such as any obligation due to a previous form of disaster assistance under the Robert T.
Stafford Disaster Relief and Emergency Assistance Act received by any owner of the property; and is delivered by or on behalf of the seller or lessor to the purchaser or lessee before such purchaser or lessee becomes obligated under any contract for purchase or lease of the property. . Subsection
(c)of section 1305 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4012(c) ) is amended— in paragraph (1), by striking and at the end; in paragraph (2), by striking the period at the end and inserting ; and ; and by adding at the end the following new paragraph: given satisfactory assurance that by September 30, 2022, property flood hazard disclosure requirements will have been adopted for the area that meet the requirements of section 1326. .
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