§4003 — Title 42 The Public Health and Welfare | U.S. Code

Summary

Gives simple meanings for important words used in the law and lets the head of FEMA write or change scientific or technical definitions by rule so long as they fit the law’s purpose. Community: a state or local government that controls zoning and building rules in a flood-prone area. Federal agency: any executive-branch department or agency, and it includes the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Financial assistance: any federal help like loans, grants, guarantees, insurance, payments, rebates, subsidies, or disaster aid, but not general revenue-sharing or formula grants to states. Financial assistance for acquisition or construction: federal help used to buy, build, fix, or improve buildings or mobile homes (and their equipment and furnishings); it includes buying or subsidizing mortgages but excludes most Disaster Relief and Emergency Assistance Act help unless it’s for a flood. Federal entity for lending regulation: the Board of Governors of the Federal Reserve System, the FDIC, the Comptroller of the Currency, the NCUA, and the Farm Credit Administration (or the agency that mainly supervises a particular lender). Administrator: the FEMA Administrator. Federal agency lender: a federal agency that makes direct loans secured by improved real estate or a mobile home. Improved real estate: land with a building on it. Lender: a regulated lending institution or a federal agency lender. Regulated lending institution: banks, savings and loan associations, credit unions, farm credit banks, Federal Land Bank associations, production credit associations, or similar institutions supervised by a federal regulator. Servicer: the person who collects a borrower’s payments (including taxes and insurance) and makes the required payments of principal, interest, and related charges.

Title 42, §4003

The Public Health and Welfare — Source: USLM XML via OLRC

(a)As used in this Act, unless the context otherwise requires, the term—

(1)“community” means a State or a political subdivision thereof which has zoning and building code jurisdiction over a particular area having special flood hazards;

(2)“Federal agency” means any department, agency, corporation, or other entity or instrumentality of the executive branch of the Federal Government, and includes the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation;

(3)“financial assistance” means any form of loan, grant, guaranty, insurance, payment, rebate, subsidy, disaster assistance loan or grant, or any other form of direct or indirect Federal assistance, other than general or special revenue sharing or formula grants made to States;

(4)“financial assistance for acquisition or construction purposes” means any form of financial assistance which is intended in whole or in part for the acquisition, construction, reconstruction, repair, or improvement of any publicly or privately owned building or mobile home, and for any machinery, equipment, fixtures, and furnishings contained or to be contained therein, and shall include the purchase or subsidization of mortgages or mortgage loans but shall exclude assistance pursuant to the Disaster Relief and Emergency Assistance Act [42 U.S.C. 5121 et seq.] (other than assistance under such Act in connection with a flood);

(5)“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 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;

(6)“Administrator” means the Administrator of the Federal Emergency Management Agency;

(7)“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;

(8)the term “improved real estate” means real estate upon which a building is located;

(9)“lender” means a regulated lending institution or Federal agency lender;

(10)“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

(11)“servicer” means the person responsible for receiving any scheduled periodic payments from a borrower pursuant to the 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 the amounts received from the borrower as may be required pursuant to the terms of the loan.

(b)The Administrator is authorized to define or redefine, by rules and regulations, any scientific or technical term used in this Act, insofar as such definition is not inconsistent with the purposes of this Act.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This Act, referred to in text, means Pub. L. 93–234, Dec. 31, 1973, 87 Stat. 975, known as the Flood Disaster Protection Act of 1973. For complete classification of this Act to the Code, see

Short Title

of 1973 Amendment note set out under section 4001 of this title and Tables. The Disaster Relief and Emergency Assistance Act, referred to in subsec. (a)(4), is Pub. L. 93–288, May 22, 1974, 88 Stat. 143, known as the Robert T. Stafford Disaster Relief and Emergency Assistance Act, which is classified principally to chapter 68 (§ 5121 et seq.) of this title. For complete classification of this Act to the Code, see

Short Title

note set out under section 5121 of this title and Tables. Codification Section was enacted as part of the Flood Disaster Protection Act of 1973, and not as part of the National Flood Insurance Act of 1968 which comprises this chapter.

Amendments

2012—Subsec. (a)(6). Pub. L. 112–141 substituted “ ‘Administrator’ ” for “ ‘Director’ ” and “Administrator of” for “Director of”. Subsec. (b). Pub. L. 112–141 substituted “Administrator” for “Director”. 2010—Subsec. (a)(5). Pub. L. 111–203 struck out “, the Office of Thrift Supervision” after “the Comptroller of the Currency”. 1994—Subsec. (a)(5). Pub. L. 103–325, § 511(a)(1), added par. (5) and struck out former par. (5) which read as follows: “ ‘Federal instrumentality responsible for the supervision, approval, regulation, or insuring of banks, savings and loan associations, or similar institutions’ means the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Federal Home Loan Bank Board, the Federal Savings and Loan Insurance Corporation, and the National Credit Union Administration; and”. Subsec. (a)(7) to (11). Pub. L. 103–325, § 511(a)(2), (3), added pars. (7) to (11). 1988—Subsec. (a)(4). Pub. L. 100–707 substituted “Disaster Relief and Emergency Assistance Act” for “Disaster Relief Act of 1974”. 1983—Subsec. (a)(6). Pub. L. 98–181, § 451(e)(2), substituted definition of “Director” meaning the Director of the Federal Emergency Management Agency for definition of “Secretary” meaning the Secretary of Housing and Urban Development. Subsec. (b). Pub. L. 98–181, § 451(e)(1), substituted “Director” for “Secretary”. 1977—Subsec. (a)(4). Pub. L. 95–128 substituted “assistance pursuant to the Disaster Relief Act of 1974 (other than assistance under such Act in connection with a flood)” for “assistance for emergency work essential for the protection and preservation of life and property performed pursuant to the Disaster Relief Act of 1970 or any subsequent Act of Congress which supersedes or modifies the Disaster Relief Act of 1970”.

Statutory Notes and Related Subsidiaries

Effective Date

of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress.

Transfer of Functions

For transfer of all functions, personnel, assets, components, authorities, grant programs, and liabilities of the Federal Emergency Management Agency, including the functions of the Under Secretary for Federal Emergency Management relating thereto, to the Federal Emergency Management Agency, see section 315(a)(1) of Title 6, Domestic Security. For

Transfer of Functions

, personnel, assets, and liabilities of the Federal Emergency Management Agency, including the functions of the Director of the Federal Emergency Management Agency relating thereto, to the Secretary of Homeland Security, and for treatment of related references, see former section 313(1) and section 551(d), 552(d), and 557 of Title 6, Domestic Security, and the Department of Homeland Security Reorganization Plan of November 25, 2002, as modified, set out as a note under section 542 of Title 6.

§4003 Definitions applicable to Flood Disaster Protection Act of 1973

Summary

Title 42, §4003

Notes & Related Subsidiaries

Editorial Notes

References in Text

Short Title

Short Title

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Transfer of Functions

Transfer of Functions

Citations & Metadata