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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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21 <br />1 for the property, and the date of the map used for the <br />2 determination. If the complete map and panel numbers for <br />3 the property are not available because the property is not <br />4 located in a community that is participating in the Na - <br />5 tional Flood Insurance Program or because no map exists <br />6 for the relevant area, the determination form shall so <br />7 state. <br />8 "(c) REQUIRED USE.—Each Federal entity for lend - <br />9 ing regulation shall by regulation • require the use of the <br />10 determination form by regulated lending institutions. <br />11 Each Federal agency lender shall by regulation provide for <br />12 the use of the determination form. The Federal National <br />13 Mortgage Association and the Federal Home Loan Mort - <br />14 gage Corporation shall require use of the determination <br />15 form by any person from whom they purchase loans. <br />16 "(d) GUARANTEES REGARDING INFORMATION.—In <br />i <br />17 recording information on a determination form, a person <br />i <br />18 may rely on information provided by a third party to the <br />19 extent that the third party guarantees the accuracy of the <br />20 information. <br />21 "(e) RELIANCE ON PREVIOUS DETEPBUNATION.—A <br />22 person or institution increasing, extending, renewing, pur- <br />23 chasing, or servicing a loan may rely on a previous deter - <br />24 mination as to whether property is -in a special flood or <br />25 erosion hazard area, if the previous determination was <br />•s 1405 1s <br />
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