§ 4104a. Notice requirements

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(a)Notification of special flood hazards

(1)Regulated lending institutions Each Federal entity for lending regulation (after consultation and coordination with the Financial Institutions Examination Council) shall by regulation require regulated lending institutions, as a condition of making, increasing, extending, or renewing any loan secured by improved real estate or a mobile home that the regulated lending institution determines is located or is to be located in an area that has been identified by the Administrator under this chapter or the Flood Disaster Protection Act of 1973 as an area having special flood hazards, to notify the purchaser or lessee (or obtain satisfactory assurances that the seller or lessor has notified the purchaser or lessee) and the servicer of the loan of such special flood hazards, in writing, a reasonable period in advance of the signing of the purchase agreement, lease, or other documents involved in the transaction. The regulations shall also require that the regulated lending institution retain a record of the receipt of the notices by the purchaser or lessee and the servicer.

(2)Federal agency lenders Each Federal agency lender shall by regulation require notification in the manner provided under paragraph

(1)with respect to any loan that is made by the Federal agency lender and secured by improved real estate or a mobile home located or to be located in an area that has been identified by the Administrator under this chapter or the Flood Disaster Protection Act of 1973 as an area having special flood hazards. Any regulations issued under this paragraph shall be consistent with and substantially identical to the regulations issued under paragraph (1).

(3)Contents of notice Written notification required under this subsection shall include—

(A)a warning, in a form to be established by the Administrator, stating that the building on the improved real estate securing the loan is located, or the mobile home securing the loan is or is to be located, in an area having special flood hazards;

(B)a description of the flood insurance purchase requirements under section 102(b) of the Flood Disaster Protection Act of 1973 [42 U.S.C. 4012a(b)];

(C)a statement that flood insurance coverage may be purchased under the national flood insurance program and is also available from private insurers, as required under section 102(b)(6) of the Flood Disaster Protection Act of 1973 (42 U.S.C. 4012a(b)(6)); and

(D)any other information that the Administrator considers necessary to carry out the purposes of the national flood insurance program.

(b)Notification of change of servicer

(1)Lending institutions Each Federal entity for lending regulation (after consultation and coordination with the Financial Institutions Examination Council) shall by regulation require regulated lending institutions, in connection with the making, increasing, extending, renewing, selling, or transferring any loan described in subsection (a)(1), to notify the Administrator (or the designee of the Administrator) in writing during the term of the loan of the servicer of the loan. Such institutions shall also notify the Administrator (or such designee) of any change in the servicer of the loan, not later than 60 days after the effective date of such change. The regulations under this subsection shall provide that upon any change in the servicing of a loan, the duty to provide notification under this subsection shall transfer to the transferee servicer of the loan.

(2)Federal agency lenders Each Federal agency lender shall by regulation provide for notification in the manner provided under paragraph

(1)with respect to any loan described in subsection (a)(1) that is made by the Federal agency lender. Any regulations issued under this paragraph shall be consistent with and substantially identical to the regulations issued under paragraph

(1)of this subsection.

(c)Notification of expiration of insurance The Administrator (or the designee of the Administrator) shall, not less than 45 days before the expiration of any contract for flood insurance under this chapter, issue notice of such expiration by first class mail to the owner of the property covered by the contract, the servicer of any loan secured by the property covered by the contract, and (if known to the Administrator) the owner of the loan.

(Pub. L. 90–448, title XIII, § 1364, as added Pub. L. 93–383, title VIII, § 816(a), Aug. 22, 1974, 88 Stat. 739; amended Pub. L. 98–181, title I [title IV, § 451(d)(1)], Nov. 30, 1983, 97 Stat. 1229; Pub. L. 103–325, title V, § 527, Sept. 23, 1994, 108 Stat. 2263; Pub. L. 112–141, div. F, title II, §§ 100238(b)(1), 100239(b), July 6, 2012, 126 Stat. 958, 960.)

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Pub. L. 90–448, title XIII, § 1364
Pub. L. 93–383, title VIII, § 816(a)
88 Stat. 739
Pub. L. 98–181, title I
97 Stat. 1229
Pub. L. 103–325, title V, § 527
108 Stat. 2263
Pub. L. 112–141, div. F, title II
126 Stat. 958
Pub. L. 90–448
82 Stat. 572
Pub. L. 93–234
87 Stat. 975
Pub. L. 112–141, § 100238(b)(1)
Pub. L. 112–141, § 100239(b)
Pub. L. 103–325
Public Law 93–234
Pub. L. 98–181

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§ 4104a

Notice requirements

Fed. Reg.×19

Bills×10

Stat.×3

U.S.C.×3

C.F.R.×2

Stat. Comp.×2

Pub. L.Pub. L. 90–448, title XIII, § 1364

Pub. L.Pub. L. 93–383, title VIII, § 816(a)

Stat.88 Stat. 739

Pub. L.Pub. L. 98–181, title I

Stat.97 Stat. 1229

Cites 23 · showing 10Cited by 39 across 6 sources