Sec. 108. Study on participation rates
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In this section— the term 500-year floodplain has the meaning given the term in section 100202(a) of the Biggert-Waters Flood Insurance Reform Act of 2012 ( 40 U.S.C. 4004(a) ); the terms Federal agency lender , improved real estate , and regulated lending institution have the meanings given those terms in section 3(a) of the Flood Disaster Protection Act of 1973 ( 42 U.S.C. 4003(a) ); and the term property with a Federally backed mortgage means improved real estate or a mobile home securing a loan that was— made by a regulated lending institution or Federal agency lender; or purchased by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation.
The Comptroller General of the United States shall conduct a study that proposes to address, through programmatic and regulatory changes, how to increase the rate at which properties in the United States are covered by flood insurance. In conducting the study required under subsection (b), the Comptroller General of the United States shall— consider— expanding participation in the National Flood Insurance Program beyond areas having special flood hazards to areas of moderate or minimum risk with respect to flooding; automatically enrolling consumers in the National Flood Insurance Program and providing those consumers with the opportunity to decline such enrollment; and bundling flood insurance coverage that diversifies risk across all or multiple forms of peril; and determine— the percentage of properties with Federally backed mortgages located in an area having special flood hazards that are covered by flood insurance that satisfies the requirement under section 102(b) of the Flood Disaster Protection Act of 1973 ( 42 U.S.C. 4012a(b) ); and the percentage of properties with Federally backed mortgages located in the 500-year floodplain that are covered by flood insurance that would satisfy the requirement described in subparagraph
(A)if that requirement applied to such properties. Not later than 18 months after the date of enactment of this Act, the Comptroller General of the United States shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report regarding the results of the study conducted under subsection (b).
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- 40 USC 4004(a)
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