(2) GUIDELINES.—The Federal entities for 
lending regulation (as such term is defined in section 
3(a) of the Flood Disaster Protection Act of 1973 
(42 U.S.C. 4003(a))), in consultation with the Ad-
ministrator of the Federal Emergency Management 
Agency, shall jointly update and reissue the re-
scinded document of the Administrator entitled 
‘‘Mandatory Purchase of Flood Insurance Guide-
lines’’ (lasted updated on October 29, 2014). The 
updated document shall incorporate recommenda-
tions made by the Comptroller General pursuant to 
paragraph (1) of this subsection. 
SEC. 509. SATISFACTION OF MANDATORY PURCHASE RE-
QUIREMENT IN STATES REQUIRING FLOOD 
COVERAGE IN ALL-PERILS POLICIES. 
Section 102 of the Flood Disaster Protection Act of 
1973 (42 U.S.C. 4012a) is amended— 
(1) in subsection (a), by striking ‘‘After’’ and 
inserting ‘‘Subject to subsection (i) of this section, 
after’’; 
(2) in subsection (b)— 
(A) in paragraph (1), by striking ‘‘Each’’ 
and inserting ‘‘Subject to subsection (i) of this 
section, each’’; 
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(B) in paragraph (2), by striking ‘‘Each’’ 
and inserting ‘‘Subject to subsection (i) of this 
section, A’’; and 
(C) in paragraph (3), by striking ‘‘The’’ 
and inserting ‘‘Subject to subsection (i) of this 
section, the’’; 
(3) in subsection (e)(1), by striking ‘‘If’’ and 
inserting ‘‘Subject to subsection (i) of this section, 
if’’; and 
(4) by adding at the end the following new sub-
section: 
‘‘(i) SATISFACTION OF MANDATORY PURCHASE RE-
QUIREMENT IN STATES REQUIRING FLOOD COVERAGE IN 
ALL-PERILS POLICIES.— 
‘‘(1) WAIVERS.—Subsections (a), (b), and (e) of 
section 102 shall not apply with respect to residen-
tial properties in any State for which the Adminis-
trator determines that State law, including any reg-
ulation or Executive order, requires that with re-
spect residential properties any property insurance 
coverage that covers all perils except specifically ex-
cluded perils shall include coverage for flood perils 
in an amount at least equal to the outstanding prin-
cipal balance of the loan or the maximum limit of 
flood insurance coverage made available under this 
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title with respect to such type of residential prop-
erty, whichever is less. 
‘‘(2) 
DEFINITIONS, 
PROCEDURES, 
STAND-
ARDS.—The Administrator may establish such defi-
nitions, procedures, and standards as the Adminis-
trator considers necessary for making determina-
tions under paragraph (1).’’. 
SEC. 510. FLOOD INSURANCE PURCHASE REQUIREMENTS. 
Section 102 of the Flood Disaster Protection Act of 
1973 (42 U.S.C. 4012a), as amended by the preceding 
provisions of this Act, is further amended— 
(1) in subsection (c)(2)(A), by striking ‘‘$5,000 
or less’’ and inserting the following: ‘‘$25,000 or 
less, except that such amount (as it may have been 
previously adjusted) shall be adjusted for inflation 
by the Administrator upon the expiration of the 5- 
year period beginning upon the enactment of the 
21st Century Flood Reform Act and upon the expi-
ration of each successive 5-year period thereafter, in 
accordance with an inflationary index selected by the 
Administrator’’; and 
(2) by adding at the end the following new sub-
section: 
‘‘(j) FLOOD
INSURANCE
PURCHASE
REQUIRE-
MENTS.—Notwithstanding any other provision of law, a 
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State or local government or private lender may require 
the purchase of flood insurance coverage for a structure 
that is located outside of an area having special flood haz-
ards.’’. 
Æ 
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