National Flood Insurance Reform Act of 1994.

RIEGLE COMMUNITY DEVELOPMENT ACT

Subtitle A - Definitions

512. National Flood Insurance Act of 1968

(a) IN GENERAL.-- Section 1370(a) of the National Flood Insurance Act of 1968 (42 U.S.C. 4121(a)) is amended -

(1) in paragraph (5), by striking “and” at the end;

(2) in paragraph (6), by striking the period at the end and inserting a semicolon; and

(3) by inserting after paragraph (6) the following new paragraphs:

“(7) the term ‘repetitive loss structure’ means a structure covered by a contract for flood insurance under this title that has incurred flood-related damage on 2 occasions during a 10-year period ending on the date of the event for which a second claim is made, in which the cost of repair, on the average, equaled or exceeded 25 percent of the value of the structure at the time of each such flood event;

“(8) the term ‘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;

“(9) the term ‘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 Office of Thrift Supervision, 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;

“(10) the term ‘improved real estate’ means real estate upon which a building is located;

“(11) the term ‘lender’ means a regulated lending institution or Federal agency lender;

“(12) the term ‘natural and beneficial floodplain functions’ means-

“(A) the functions associated with the natural or relatively undisturbed floodplain that (i) moderate flooding, retain flood waters, reduce erosion and sedimentation, and mitigate the effect of waves and storm surge from storms, and (ii) reduce flood related damage; and

“(B) ancillary beneficial functions, including maintenance of water quality and recharge of ground water, that reduce flood related damage;

“(13) the term ‘regulated lending institution’ means any bank, savings and loan association, credit union, farm credit bank, Federal land bank association, production credit association, or similar institution subject to the supervision of a Federal entity for lending regulation; and

“(14) the term ‘servicer’ means the person responsible for receiving any scheduled periodic payments from a borrower pursuant to the [2257] terms of a loan, including amounts for taxes, insurance premiums, and other charges with respect to the property securing the loan, and making the payments of principal and interest and such other payments with respect to theamounts received from the borrower as may be required pursuant to the terms of the loan.”.

(b) CONFORMING AMENDMENT.-- Section 1322(d) of the National Flood Insurance Act of 1968 (42 U.S.C. 4029(d)) is amended by striking “federally supervised, approved, regulated or insured financial institution” and inserting “regulated lending institution or Federal agency lender”.