legislation: 102-s-2907
Data license: Public Domain (U.S. Government data) · Data source: Federal Register API & Regulations.gov API
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| bill_id | congress | bill_type | bill_number | title | policy_area | introduced_date | latest_action_date | latest_action_text | origin_chamber | sponsor_name | sponsor_state | sponsor_party | sponsor_bioguide_id | cosponsor_count | summary_text | update_date | url |
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| 102-s-2907 | 102 | s | 2907 | National Flood Insurance Reform Act of 1992 | Emergency Management | 1992-06-29 | 1992-07-27 | Subcommittee on Housing and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 102-913. | Senate | Sen. Kerry, John F. [D-MA] | MA | D | K000148 | 5 | National Flood Insurance Reform Act of 1992 - Subtitle A: Definitions - Defines specified terms under the Flood Disaster Protection Act of 1973 and the National Flood Insurance Act of 1968. Subtitle B: Compliance and Increased Participation - Amends the Flood Disaster Protection Act of 1973 to prohibit the waiver of current mandatory flood purchase insurance requirements with respect to financial assistance for property in a flood hazard area. Expands flood insurance purchase requirements. Requires lenders to review outstanding loans to determine whether they are in compliance with mandatory flood insurance purchase requirements. Authorizes lenders to charge borrowers a fee for such service. Exempts lenders from such requirement who have a specified accuracy for flood hazard determinations for outstanding loans, or who have conducted satisfactory loan reviews, or have regularly provided for escrow of flood insurance premiums. Requires residential real estate lenders to establish flood insurance premium escrow accounts. Imposes a fine for lenders failing to require flood insurance or to give proper notice under the National Flood Insurance Act of 1968. Requires the seller-transferor of a residential-secured loan in a flood hazard area to so notify the purchaser-transferee unless a flood hazard determination has been made within the previous five years. Revises flood insurance notice requirements. Amends the National Flood Insurance Act of 1968 to require the development of a standard hazard determination form. Amends the Federal Financial Institutions Examinations Council Act of 1978 to direct the Financial Examinations Council to coordinate with Federal entities for lending regulation to develop uniform lender standards. Subtitle C: Ratings and Incentives for Community Floodplain Management Programs - Amends the National Flood Insurance Act of 1968 to provide for a community rating system and premium rate incentives for community floodplain management. Provides program funding. Subtitle D: Mitigation of Flood and Erosion Risks - Amends the Housing and Urban Development Act of 1968 to establish an Office of Mitigation Assistance to carry out flood and coastal erosion mitigation activities under the Federal Insurance Administrator. Amends the National Flood Insurance Act of 1968 to make mitigation assistance grants available to eligible States and communities. Includes among eligible grant activities property elevation, relocation, flood-proofing, and acquisition. Authorizes mitigation activity technical assistance. Sets forth: (1) assistance limits; and (2) matching requirements. Establishes in the Treasury the National Flood Mitigation Fund to be available for such mitigation assistance grants. Provides for an insurance premium mitigation surcharge to be paid into such Fund. Authorizes a mitigation transition pilot program to be carried out through the Office of Mitigation Assistance. Repeals (with a transition period) the current program for the purchase of certain insured properties. Establishes a program to reduce coastal erosion hazards. Provides for community and erosion hazard identification and publication. Establishes a specified premium increase for flood and erosion dual risk hazard areas located in non-Community Rating System communities. Limits flood insurance availability for properties in erosion hazard areas. Repeals (with a transition period) current claims provisions for iminent collapse and subsidence through flood insurance claims. Requires the Director (Director) of the Federal Emergency Management Agency to conduct a riverine erosion study. Requires the Director to coordinate coastal zone management programs with the Under Secretary of Commerce for Oceans and Atmosphere and with the States. Subtitle E: Flood Insurance Task Force - Establishes a two-year interagency Flood Insurance Task Force which shall: (1) develop standardized flood insurance enforcement procedures and guidelines; (2) conduct a study of the extent to which the secondary mortgage market can assist enforcement; and (3) conduct a study of the extent to which existing Federal and corporate flood insurance programs can serve as a model for other Federal compliance agencies. States that the Under Secretary for Oceans and Atmosphere, the Director of the United States Fish and Wildlife Service, and the Administrator of the Environmental Protection Agency shall constitute a select subcommittee dealing with floodplain functions and protection. Subtitle F: Miscellaneous Provisions - Amends the National Flood Insurance Act of 1968 to: (1) increase flood insurance coverage amounts for nonresidential, single family, and multifamily structures; (2) permit flood insurance private sector participation; and (3) require at least every five years an assessment (and revision if necessary) of flood insurance maps. Permits use of the national flood insurance fund for revising floodplain areas, flood-risk zones, and erosion-hazard areas. Requires the Director to conduct studies of: (1) construction of certain agricultural buildings to minimize flood damage; and (2) increased insurance coverages for flood damage repair costs. Requires the Chairman of the President's Council on Environmental Quality to submit a floodplain management report to the President and to the Congress. | 2025-08-26T15:15:26Z |