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1993-173
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1993-173
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Last modified
8/4/2020 11:46:58 AM
Creation date
8/4/2020 10:18:32 AM
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Resolutions
Resolution Number
93-173
Approved Date
10/05/1993
Subject
Opposing Senate Bill 1405 - National Flood Insurance
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18 <br />1 4012a) (as amended by section 202(a)) is further amend - <br />2 ed by adding at the end the following new subsection: <br />3 "(e) REQUIRED ACTIONS By LENDER. - <br />4 "(1) NOTIFICATION TO BORROWER OF LACK OF <br />5 COVERAGE. If, at any time during the term of a <br />6 loan secured by improved real estate or by a mann- <br />7 faetured home located in an area that has been iden- <br />8 ti5ed by the Director as an area of special flood haz- <br />9 ards and in which flood insurance is available under <br />10 this title, a regulated lending institution or Federal <br />11 agency lender determines that the building or manu- <br />12 factured home and any personal property securing <br />13 the loan held or serviced by the regulated lending in - <br />14 stitution or Federal agency lender is not covered by <br />15 flood insurance, in an amount not less than the <br />16 amount required by subsection (b)(1), the regulated <br />17 lending institution or Federal agency lender shall <br />18 notify the borrower that the borrower should obtain, <br />19 at the borrower's expense, an amount of flood insur- <br />20 ance that is not less than the amount required by <br />21 subsection (b)(1), for the term of the loan. If, not <br />22 later than 60 days after receiving such notification, <br />23 the borrower fails to purchase such flood insurance, <br />24 the regulated lending institution or Federal agency <br />25 lender shall purchase the insurance on behalf of the <br />•8 14M IS <br />
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