Sec. 105. Disclosure of flood risk information upon transfer of property
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/bill/115/s/1571/is/section-105A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Chapter I of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4011 et seq.) is amended by adding at the end the following: After September 30, 2022, no new flood insurance coverage may be provided under this title for any real property unless an appropriate public body has imposed, by statute or regulation, a duty on any seller or lessor of improved real estate to provide to any purchaser or lessee (with respect to a lease for a term that is not shorter than 30 days) of the property a property flood hazard disclosure that the Administrator has determined meets the requirements of subsection (b).
A property flood hazard disclosure for the sale of a property shall meet the requirements of this subsection only if the disclosure— is made in writing; discloses any actual knowledge of the seller of any— prior physical damage caused by flood to a structure located on the property; prior insurance claim for a loss covered under the national flood insurance program or private flood insurance with respect to the property; previous notification regarding the designation of the property as a repetitive loss structure or severe repetitive loss structure (as defined in section 1366(h)); and Federal legal obligation to obtain and maintain flood insurance running with the property; and is delivered by, or on behalf of, the seller to the purchaser before the purchaser becomes obligated under any contract to purchase the property.
A property flood hazard disclosure for a rental property with a lease for a term that is not shorter than 30 days shall meet the requirements of this subsection only if the disclosure— is made in writing; discloses any actual knowledge of the lessor— of any Federal legal obligation to obtain and maintain flood insurance running with the property; regarding any prior physical damage caused by flood with respect to the unit being leased; and of the availability of coverage under this title for contents located in a structure on the property; and is delivered by, or on behalf of, the lessor to the lessee before the lessee becomes obligated under any contract to lease the property.
Nothing in this section may be construed as preventing a State from adopting disclosure requirements in addition to the requirements of this section. . Section 1305(c) 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 and inserting a semicolon; in paragraph (2), by striking the period at the end and inserting ; and ; and by adding at the end the following: given satisfactory assurance that, by October 1, 2022, property flood hazard disclosure requirements will have been adopted for the area (or subdivision) that meet the requirements of section 1326. .
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