quired if, during the 5-year period ending on the
date of the sale or transfer of the loan—
‘‘(A) a determination and notice under
paragraph (1) has been made for the property
secured by the loan; or
‘‘(B)(i) the loan has been made, increased,
extended, or renewed; and
‘‘(ii) the lender making, increasing, extend-
ing, or renewing the loan was subject, at the
time of such transaction, to regulations issued
pursuant to paragraph (1), (2), or (3) of sub-
section (b).
‘‘(3) LOANS TRANSFERRED BY FDIC.—
‘‘(A) IN GENERAL.—Except as provided in
subparagraph (C), for any loan secured by im-
proved real estate or a mobile home that is sold
or transferred by the Federal Deposit Insurance
Corporation acting in its corporate capacity or
in its capacity as conservator or receiver, the
purchaser or transferee of the loan shall deter-
mine whether the property is in an area that
has been designated by the Director as an area
having special flood hazards.
‘‘(B) NOTICE TO DIRECTOR.—A purchaser
or transferee of a loan required to make a de-
termination and notification under subpara-
graph (A) shall notify the Director and any
servicer of the loan of the results of the deter-
mination (using the standard hazard determina-
tion form under section 1365 of the National
Flood Insurance Act of 1968) before the expira-
tion of the 90-day period beginning on the later
of (i) the purchase or transfer of the loan, or
(ii) the expiration of any option that the pur-
chaser or transferee may have to transfer or
put the loan back to the Federal Deposit Insur-
ance Corporation.
‘‘(C) EXCEPTIONS.—Such determination
and notice shall not be required for any loan—
‘‘(i) sold or transferred to an entity
under the control of the Federal Deposit
Insurance Corporation; or
‘‘(ii) for which the purchaser or trans-
feree exercises any available option to
transfer or put the loan back to the Fed-
eral Deposit Insurance Corporation.
‘‘(4) LOANS TRANSFERRED BY RTC.—
‘‘(A) IN GENERAL.—For any loan secured
by improved real estate or a mobile home that
is sold or transferred by the Resolution Trust
Corporation acting in its corporate capacity or
in its capacity as a conservator or receiver, the
purchaser or transferee of the loan shall deter-
mine whether the property is in an area that
has been designated by the Director as an area
having special flood hazards if—
‘‘(i) the Resolution Trust Corporation
acquires the loan after the date of the ef-
fectiveness of this subsection and sells or
transfers the loan before the expiration of
the 12-month period beginning on such ef-
fective date; or
‘‘(ii) the Corporation holds the loan
on the date of the effectiveness of this sub-
section and sells or transfers the loan be-
fore the expiration of the 6-month period
beginning on such effective date.
‘‘(B) NOTICE TO DIRECTOR.—A purchaser
or transferee of a loan required to make a de-
termination and notification under subpara-
graph (A) shall notify the Director and any
servicer of the loan of the results of the deter-
mination (using the standard hazard determina-
tion form under section 1365 of the National
Flood Insurance Act of 1968) before the expira-
tion of the 90-day period beginning upon the
purchase or transfer of the loan.
‘‘(5) LOANS TRANSFERRED BY NCUA.—
‘‘(A) IN GENERAL.—Except as provided in
subparagraph (C), for any loan secured by im-
proved real estate or a mobile home that is sold
or transferred by the National Credit Union
Administration acting in its corporate capacity
or in its capacity as a conservator or liquidating
agent, the purchaser or transferee of the loan
shall determine whether the property is in an
area that has been designated by the Director
as an area having special flood hazards.
‘‘(B) NOTICE TO DIRECTOR.—A purchaser
or transferee of a loan required to make a de-
termination and notification under subpara-
graph (A) shall notify the Director and any
servicer of the loan of the results of the deter-
mination (using the standard hazard determina-
tion form under section 1365 of the National
Flood Insurance Act of 1968) before the expira-
tion of the 90-day period beginning upon the
purchase or transfer of the loan.
‘‘(C) 
EXCEPTION.—Such 
determination
and notice shall not be required for any loan
sold or transferred to an entity under the con-
trol of the National Credit Union Administra-
tion.
‘‘(6) APPLICABILITY.—This subsection shall
apply only with respect to any loan outstanding or
entered into after the expiration of the 1-year period
beginning on the date of the enactment of the Flood
Insurance Risk Management Act of 1994.’’.
SEC. 107. FEES FOR DETERMINING APPLICABILITY OF
FLOOD 
INSURANCE 
PURCHASE 
REQUIRE-
MENTS.
Section 102 of the Flood Disaster Protection Act of
1973 (42 U.S.C. 4012a) as amended by the preceding pro-
visions of this Act, is further amended by adding at the
end the following new subsection:
‘‘(i) FEE FOR DETERMINING LOCATION.—Notwith-
standing any other Federal or State law, any lender for
a loan described in paragraph (1), (2), or (3) of subsection
(b) may charge a reasonable fee (as determined by the
Director) for the costs of determining whether the prop-
erty securing the loan is located in an area of special flood
hazards, but only in accordance with the following require-
ments:
‘‘(1) BORROWER
FEE.—The borrower under
such a loan may be charged the fee, but only if the
determination is made pursuant to—
‘‘(A) the making, increasing, extending, or
renewing of the loan that is initiated by the
borrower; or
‘‘(B) a revision or updating of the flood-
plain areas and flood-risk zones established
under section 1360 that affects the area in
which the property securing the loan is located
or that, in the determination of the Director,
may reasonably be considered to require a de-
termination under this subsection.
‘‘(2) PURCHASER OR TRANSFEREE FEE.—The
purchaser or transferee of such a loan may be
charged the fee in the case of sale or transfer of the
loan.’’.
SEC. 108. NOTICE REQUIREMENTS.
Section 1364 of the National Flood Insurance Act of
1968 (42 U.S.C. 4104a) is amended to read as follows:
‘‘NOTICE REQUIREMENTS
‘‘SEC. 1364. (a) NOTIFICATION OF SPECIAL FLOOD
HAZARDS.—
‘‘(1) REGULATED LENDING INSTITUTIONS.—
‘‘(A) REQUIREMENT.—Each Federal entity
for lending regulation, after consultation and
coordination with the Financial Institutions Ex-
amination Council, shall by regulation require
regulated lending institutions, as a condition of
making, increasing, extending, or renewing any
loan secured by improved real estate or a mo-
bile home located or to be located in an area
that has been identified by the Director under
this title or the Flood Disaster Protection Act
of 1973 as an area having special flood haz-
ards, to provide notice under this subsection of
such special flood hazards a reasonable period
in advance of the signing of the purchase agree-
ment, lease, or other documents involved in the
transaction.
‘‘(B) MANNER.—The regulations under
this subsection shall require the lenders to pro-
vide the notice of such special flood hazards in
writing and orally to the purchaser or lessee of
the real estate or mobile home and in writing
to the servicer of the loan (or to obtain satisfac-
tory assurances that the seller or lessor has
provided such notice).
‘‘(C) RECORD OF RECEIPT.—The regula-
tions under this subsection shall require the
lenders—
‘‘(i) to obtain signed statements by
the purchaser or lessee and the servicer
that the purchaser or lessee and servicer,
as applicable, have received the notices re-
quired under this subsection; and
‘‘(ii) to retain such signed statements
and written records of the provision and
receipt of the notices required under this
subsection.
‘‘(2) OTHER
LENDING
INSTITUTIONS.—The
Secretary of Housing and Urban Development shall
by regulation require notification in the manner pro-
vided under paragraph (1) with respect to any loan
made by an other lending institution and secured by
improved real estate consisting of a 1- to 4-family
residence or a mobile home located or to be located
in an area that has been identified by the Director
under this title or the Flood Disaster Protection Act
of 1973 as an area having special flood hazards. Any
regulations issued under this paragraph shall be con-
sistent with and substantially identical to the regula-
tions issued under paragraph (1) (except to the ex-
tent necessary to provide for differences between the
types of loans for which notice is required under this
paragraph and the types for which notice is required
under paragraph (1)).
‘‘(3) FEDERAL AGENCY LENDERS.—The appro-
priate head of each Federal agency lender shall by
regulation require notification in the manner pro-
vided under paragraph (1) with respect to any loan
that is made by the Federal agency lender and se-
cured by improved real estate or a mobile home lo-
cated or to be located in an area that has been iden-
tified by the Director under this title or the Flood
Disaster Protection Act of 1973 as an area having
special flood hazards. Any regulations issued under
this paragraph shall be consistent with and substan-
tially identical to the regulations issued under para-
graph (1) (except to the extent necessary to provide
for differences between the types of loans for which
notice is required under this paragraph and the
types for which notice is required under paragraph
(1)).
‘‘(4) CONTENTS OF NOTICE.—Written and oral
notification required under this subsection shall in-
clude—
‘‘(A) a warning, in a form to be established
in consultation with and subject to the approval
of the Director, stating that the real estate or
mobile home securing the loan is located or is
to be located in an area having special flood
hazards;
‘‘(B) a description of the flood insurance
purchase requirements under section 102(b) of
the Flood Disaster Protection Act of 1973;
‘‘(C) a statement that flood insurance cov-
erage may be purchased under the national
flood insurance program and is also available
from private insurers; and
‘‘(D) any other information that the Direc-
tor considers necessary to carry out the pur-
poses of the national flood insurance program.
‘‘(b) NOTIFICATION OF CHANGE OF SERVICER.—
‘‘(1) LENDING
INSTITUTIONS.—Each Federal
entity for lending regulation (with respect to regu-
lated lending institutions) and the Secretary of
Housing and Urban Development (with respect to
other lending institutions), after consultation and co-
ordination with the Financial Institutions Examina-
tion Council, shall by regulation require such institu-
tions, as a condition of making, increasing, extend-
ing, renewing, selling, or transferring any loan de-
scribed in subsection (a)(1), to notify the Director
(or the designee of the Director) in writing during
the term of the loan of the servicer of the loan. Such
institutions shall also notify the Director (or such
designee) of any change in the servicer of the loan,
not later than 60 days after the effective date of
such change. The regulations under this subsection
shall provide that upon any change in the servicing
of a loan, the duty to provide notification under this
subsection shall transfer to the transferee servicer of
the loan.
‘‘(2) FEDERAL AGENCY LENDERS.—The appro-
priate head of each Federal agency lender shall by
regulation provide for notification in the manner
provided under paragraph (1) with respect to any
loan described in subsection (a)(1) that is made by
the Federal agency lender. Any regulations issued
under this paragraph shall be consistent with and
substantially identical to the regulations issued
under paragraph (1) of this subsection.
‘‘(c) NOTIFICATION
OF
EXPIRATION
OF
INSUR-
ANCE.—The Director (or the designee of the Director)
shall, not less than 45 days before the expiration of any
contract for flood insurance under this title, issue notice
of such expiration by first class mail to the owner of the
property, the servicer of any loan secured by the property
covered by the contract, and the owner of the loan.’’.
SEC. 109. STANDARD HAZARD DETERMINATION FORMS.
Chapter III of the National Flood Insurance Act of
1968 (42 U.S.C. 4101 et seq.) is amended by adding at
the end the following new section:
‘‘STANDARD HAZARD DETERMINATION FORMS
‘‘SEC. 1365. (a) DEVELOPMENT.—The Director, in
consultation with representatives of the mortgage and
lending industry, the Federal entities for lending regula-
tion, the Federal agency lenders, and any other appro-
priate individuals, shall develop standard written and elec-
tronic forms for determining the flood hazard exposure of
a property for use in connection with loans secured by im-
proved real estate or a mobile home. The written and elec-
tronic forms shall be established by regulations issued not
later than 270 days after the date of the enactment of
the Flood Insurance Risk Management Act of 1994.
‘‘(b) DESIGN AND CONTENTS.—
‘‘(1) PURPOSE.—The form under subsection (a)
shall be designed to facilitate a determination of the
exposure to flood hazards of structures located on
the property to which the loan application relates.
The form shall be designed to facilitate compliance
with the provisions of this title.
‘‘(2) CONTENTS.—The form shall require iden-
tification of the type of flood-risk zone in which the
property is located, the complete map and panel
numbers for the property, and the date of the map
used for the determination, with respect to flood
hazard information on file with the Director. If the
property is not located in an area of special flood
hazards the form shall require a statement to such
effect and shall indicate the complete map and panel
numbers of the property. If the complete map and
panel numbers for the property are not available be-
cause the property is not located in a community
that is participating in the national flood insurance
program or because no map exists for the relevant
area, the form shall require a statement to such ef-
fect. The form shall provide for inclusion or attach-
ment of any relevant documents indicating revisions
or amendments to maps.
‘‘(c) REQUIRED USE.—The Federal entities for lend-
ing regulation shall by regulation require the use of the
form under this section by regulated lending institutions.
The appropriate head of each Federal agency lender shall
by regulation provide for the use of the form with respect
to any loan made by such Federal agency lender. The Sec-
retary of Housing and Urban Development shall by regu-
lation require use of the form in connection with loans
purchased by Federal National Mortgage Association and
the Federal Home Loan Mortgage Corporation and the
Government National Mortgage Association. The Sec-
retary of Housing and Urban Development shall encour-
age the use of the form by other lending institutions.
‘‘(d) GUARANTEES REGARDING INFORMATION.—In
providing information regarding special flood hazards on
the form developed under this section (or otherwise re-
quired of a lender not required to use the form under this
section) any lender making, increasing, extending, or re-
newing a loan secured by improved real estate or a mobile
home may provide for the acquisition or determination of
such information to be made by a person other than such
institution, only to the extent such person guarantees the
accuracy of the information. The Director shall by regula-
tions establish requirements relating to the nature and
manner of such guarantees.
‘‘(e) ELECTRONIC FORM.—The Federal entities for
lending regulation, the Secretary of Housing and Urban
Development, and the appropriate head of each Federal
agency lender shall by regulation require any lender using
the electronic form developed under this section with re-
spect to any loan to make available upon the request of
such Federal entity, Secretary, or agency head, a written
form under this section for such loan within 48 hours after
such request.
‘‘(f) EFFECTIVE DATE.—The regulations under this
section requiring use of the written and electronic forms
established pursuant to this section shall be issued to-
gether with the regulations required under subsection (a)
and shall take effect upon the expiration of the 90-day
period beginning on such issuance.’’.
SEC. 110. EXAMINATIONS REGARDING COMPLIANCE.
(a) AMENDMENT TO FEDERAL DEPOSIT INSURANCE
ACT.—Section 10 of the Federal Deposit Insurance Act
(12 U.S.C. 1820) is amended by adding at the end the
following new subsection:
‘‘(h) FLOOD INSURANCE COMPLIANCE BY INSURED
DEPOSITORY INSTITUTIONS.—
‘‘(1) EXAMINATIONS.—The appropriate Federal
banking agency shall, during each scheduled on-site
examination required by this section, determine
whether the insured depository institution is comply-
ing with the requirements of the national flood in-
surance program.
‘‘(2) REPORT.—
‘‘(A) REQUIREMENT.—Not later than 1
year after the date of enactment of the Flood
Insurance Risk Management Act of 1994 and
biennially thereafter for the next 4 years, each
appropriate Federal banking agency shall sub-
mit a report to the Congress on compliance by
insured depository institutions with the require-
ments of the national flood insurance program.
‘‘(B) CONTENTS.—The report shall include
a description of the methods used to determine
compliance, the number of institutions exam-
ined during the reporting year, a listing and
total number of institutions found not to be in
compliance, actions taken to correct incidents of
noncompliance, and an analysis of compliance,
including a discussion of any trends, patterns,
and problems, and recommendations regarding
reasonable actions to improve the efficiency of
the examinations processes.’’.
(b) AMENDMENT
TO
FEDERAL
CREDIT
UNION
ACT.—Section 204 of the Federal Credit Union Act (12
U.S.C. 1784) is amended by adding at the end the follow-
ing new subsection:
‘‘(e) FLOOD INSURANCE COMPLIANCE BY INSURED
CREDIT UNIONS.—
‘‘(1) EXAMINATION.—The Board shall, during
each examination conducted under this section, de-
termine whether the insured credit union is comply-
ing with the requirements of the national flood in-
surance program.
‘‘(2) REPORT.—
‘‘(A) REQUIREMENT.—Not later than 1
year after the date of enactment of the Flood
Insurance Risk Management Act of 1994 and
biennially thereafter for the next 4 years, the
Board shall submit a report to Congress on
compliance by insured credit unions with the re-
quirements of the national flood insurance pro-
gram.
‘‘(B) CONTENTS.—The report shall include
a description of the methods used to determine
compliance, the number of insured credit unions
examined during the reporting year, a listing
and total number of insured credit unions found
not to be in compliance, actions taken to correct
incidents of noncompliance, and an analysis of
compliance, including a discussion of any
trends, patterns, and problems, and rec-
ommendations regarding reasonable actions to
improve the efficiency of the examinations proc-
esses.’’.
(c) AMENDMENT
TO FEDERAL HOUSING ENTER-
PRISES FINANCIAL SAFETY
AND SOUNDNESS ACT
OF
1992.—Section 1317 of the Federal Housing Enterprises
Financial Safety and Soundness Act of 1992 (12 U.S.C.
4517) is amended by adding at the end the following new
subsection:
‘‘(g) FLOOD INSURANCE COMPLIANCE BY ENTER-
PRISES.—
‘‘(1) EXAMINATION.—After the submission of
the report under section 110(d) of the Flood Insur-
ance Risk Management Act of 1994, the Director
shall, during each annual examination of an enter-
prise conducted under this section, determine wheth-
er the enterprise has established adequate proce-
dures required under section 102(b)(4) of the Flood
Disaster Protection Act of 1973 and is complying
with such procedures.
‘‘(2) EXCEPTION.—The provisions of paragraph
(1) shall not apply with respect to an enterprise if
the Director—
‘‘(A) determines, pursuant to the report
under section 110(d) of the Flood Insurance
Risk Management Act of 1994, that the enter-
prise has established adequate procedures pur-
suant to section 102(b)(4) of the Flood Disas-
ter Protection Act of 1973 and has a pattern
of compliance with such procedures; and
‘‘(B) certifies such finding in writing to
the Congress.
‘‘(3) REPORT.—
‘‘(A) REQUIREMENT.—Not later than 1
year after the date of enactment of the Flood
Insurance Risk Management Act of 1994 and
biennially thereafter for the next 4 years, the
Director shall submit a report to Congress on
compliance by the enterprises with the proce-
dures established pursuant to section 102(b)(4)
of the Flood Disaster Protection Act of 1973.
‘‘(B) CONTENTS.—The report shall include
a description of the methods used to determine
compliance, identification of any enterprise
found not to be in compliance, actions taken to
correct incidents of noncompliance, and an
analysis of compliance, including a discussion of
any trends, patterns, and problems, and rec-
ommendations regarding reasonable actions to
improve the efficiency of the examinations proc-
esses.’’.
(d) GAO REPORT ON GSE COMPLIANCE.—Not later
than 18 months after the date of enactment of this Act,
the Comptroller General of the United States shall submit
a report to the Congress and the Director of the Office
of Federal Housing Enterprise Oversight of the Depart-
ment of Housing and Urban Development regarding the
procedures established by the Federal National Mortgage
Association and the Federal Home Loan Mortgage Cor-
poration pursuant to section 102(b)(4) of the Flood Disas-
ter Protection Act of 1973. The report shall include a de-
scription of such procedures, an analysis of whether such
procedures are sufficient to comply with the requirements
of such section, a determination of whether each enter-
prise has complied with such procedures, a description of
any actions taken by each enterprise to correct any inci-
dents of noncompliance, and any recommendations regard-
ing reasonable actions to improve the procedures estab-
lished by the enterprises and compliance with such proce-
dures.
SEC. 111. FINANCIAL INSTITUTIONS EXAMINATION COUN-
CIL.
Section 1006 of the Federal Financial Institutions
Examination Council Act of 1978 (12 U.S.C. 3305) is
amended by adding at the end the following new sub-
section:
‘‘(g) The council shall consult and assist the Federal
entities for lending regulation and the Secretary of Hous-
ing and Urban Development in developing and coordinat-
ing uniform standards and requirements for use by lenders
as provided under the National Flood Insurance Act of
1968 and the Flood Disaster Protection Act of 1973.’’.