§4104b Standard hazard determination forms

Summary

The Administrator must create a standard form to show whether a building, home, or mobile home is in a special flood hazard area where flood insurance is available. The Administrator must work with mortgage lenders, federal lending regulators, federal agency lenders, and others and publish rules for the form within 270 days after September 23, 1994. The form must help people follow flood-insurance rules and must record the flood-risk zone type, the map and panel numbers, the community ID and whether the community takes part in the national flood insurance program, and the map date. If the property is not in a special flood area the form must say so and still list map/panel numbers or explain if no map exists. The form can include or attach map revisions. Banks, federal mortgage agencies, and housing entities must use the form for loans on buildings or mobile homes. The form can be paper, computerized, or electronic. A lender may hire someone else to find the flood information only if that person guarantees it is correct. A lender or buyer may rely on a prior determination up to 7 years old if it is on the form, unless later map updates place the property in a special flood area or the person checks with the Administrator and finds updates after the old determination. Rules requiring use will be issued with the form and will take effect after a 180-day period from their issue.