42 USC 4106 – Nonparticipation in flood insurance program
(a) Prohibition against Federal approval of financial assistance
No Federal officer or agency shall approve any financial assistance for acquisition or construction purposes on and after July 1, 1975, for use in any area that has been identified by the Administrator as an area having special flood hazards unless the community in which such area is situated is then participating in the national flood insurance program.
(b) Notification of purchaser or lessee of property in flood hazard area of availability of Federal disaster relief assistance in event of a flood disaster
Terms Used In 42 USC 4106
- Administrator: means the Administrator of the Federal Emergency Management Agency. See 42 USC 4121
- Federal agency lender: means a Federal agency that makes direct loans secured by improved real estate or a mobile home, to the extent such agency acts in such capacity. See 42 USC 4121
- Federal entity for lending regulation: means the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the National Credit Union Administration, and the Farm Credit Administration, and with respect to a particular regulated lending institution means the entity primarily responsible for the supervision of the institution. See 42 USC 4121
- lender: means a regulated lending institution or Federal agency lender. See 42 USC 4121
- officer: includes any person authorized by law to perform the duties of the office. See 1 USC 1
In addition to the requirements of section 4104a of this title, each Federal entity for lending regulation shall by regulation require the regulated lending institutions described in such section, and each Federal agency lender shall issue regulations requiring the Federal agency lender, described in such section to notify (as a condition of making, increasing, extending, or renewing any loan secured by property described in such section) the purchaser or lessee of such property of whether, in the event of a disaster caused by flood to such property, Federal disaster relief assistance will be available to such property.