(a) If a consumer currently has no coverage under the National Flood Insurance Program, the consumer applicant must be informed of the existence of the National Flood Insurance Program before being placed with private flood insurance.
     (b) All consumers must be informed that the coverage under the National Flood Insurance Program may be provided at a subsidized rate and that the full-risk rate for flood insurance may apply to the property if the applicant later seeks to reinstate coverage under the program. The insurance producer, the surplus lines broker, or the insurer, upon its election or if there is no insurance producer or surplus lines broker, must provide the notice under subsection (a).
     (c) This Section only applies if the applicant lives in a special flood hazard area. This Section is inoperative if federal legislation is enacted allowing the insured to switch between private flood insurance and National Flood Insurance Program coverage without risk of penalty.