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14 <br />1 which flood insurance is available under the National <br />2 Flood Insurance Act of 1968, <br />3 is covered for the term of the loan by flood insurance in <br />4 the amount provided in paragraph <br />5 (b) EFFECTIVE DATE.—The provisions of this sec - <br />6 tion shall apply to all transactions occurring after the ex - <br />7 piration of the 1 -year period beginning on the date of en - <br />8 actment of this Act. <br />9 SEC. 02. ESCROW OF HOOD INSURANCE PAYMENTS. <br />10 (a) Ir GENERAL.—Section 102 of the Flood Disaster <br />11 Protection Act of 1973 (42 U.S.C. 4012a) is amended by <br />12 adding at the end the following new subsection: <br />13 "(d)(1) Each Federal entity for lending regulation, <br />14 after consultation and coordination with the Federal Fi- <br />15 nancial Institutions Examination Council, shall by regula- <br />16 tion require that, if a regulated lending institution re - <br />17 quires the escrowing of taxes, insurance premiums, fees, <br />18 or any other charges for loans secured by residential real <br />19 estate or manufactured homes, all charges for flood insur- <br />20 ante under this title for the property shall be paid by the <br />21 borrower to the institution. Upon receipt of a notice from <br />22 the Director or'the provider of the insurance that insur- <br />23 ante premiums, fees, or other charges are due, the institu- <br />24 tion shall pay from the escrow account to the provider of <br />98 1405 18 ti <br />