National Flood Insurance Reform Act of 1993

TABLE OF CONTENTS:

Title I: Definitions

Title II: Compliance and Increased Participation

Title III: Ratings and Incentives for Community Floodplain

Management Programs

Title IV: Mitigation of Flood and Erosion Risks

Title V: Flood Insurance Task Force

Title VI: Miscellaneous Provisions

National Flood Insurance Reform Act of 1993 - Title I: Definitions - Defines specified terms under the Flood Disaster Protection Act of 1973 and the National Flood Insurance Act of 1968.

Title II: Compliance and Increased Participation - Amends the Flood Disaster Protection Act of 1973 to expand flood insurance purchase requirements for borrowers securing loans through the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and Federal agency mortgage lenders.

Requires residential real estate lenders to establish flood insurance premium escrow accounts. Requires Federal lenders and regulated lending institutions (banks, savings and loans, credit unions) to notify borrowers of special flood hazards and of the need to purchase and maintain flood insurance. Requires such entities, after 60 days' notice, to purchase such insurance on behalf of the borrower and charge the borrower for premium costs. Provides for review of special hazards determinations by the Director of the Federal Emergency Management Agency (FEMA). Requires the Director to develop a standard flood hazard determination form for use in connection with loans for residential properties located in an area of special flood hazards and in which flood insurance is available.

Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to require regulated lending institutions to conduct examinations and report to the Congress with respect to compliance with the National Flood Insurance Program. Provides penalties for lenders who fail to require flood insurance, maintain escrow accounts, or provide appropriate borrower notification with respect to the need for flood insurance.

Amends the Federal Financial Institutions Examinations Council Act of 1978 to direct the Financial Examinations Council to coordinate with Federal entities for lending regulation to develop uniform lender standards.

Title III: Ratings and Incentives for Community Floodplain Management Programs - Amends the National Flood Insurance Act of 1968 to provide for a community rating system and premium rate incentives for community floodplain management. Provides program funding.

Title IV: Mitigation of Flood and Erosion Risks - Amends the Housing and Urban Development Act of 1968 to require the FEMA Director to coordinate all flood and erosion mitigation activities under the Federal Insurance Administrator. Provides funding for such activities.

Amends the National Flood Insurance Act of 1968 to require the FEMA Director to develop and implement a State and community flood and erosion mitigation financial assistance program for structures insured under such Act. Requires such activities to be technically feasible and cost-effective. Provides assistance limitations. Repeals (with a transition period) the current program for the purchase of certain insured properties, as well as the current program for the demolition or relocation of threatened structures. Limits flood insurance availability for properties in erosion hazard areas. Requires the FEMA Director to: (1) conduct a riverine erosion study; and (2) coordinate coastal zone management programs with the Under Secretary of Commerce for Oceans and Atmosphere and with the States.

Title V: Flood Insurance Task Force - Establishes a two-year interagency Flood Insurance Task Force to: (1) develop standardized flood insurance enforcement procedures; (2) study Federal agency and secondary mortgage market assistance with respect to such enforcement; and (3) study the possibility of existing Federal and corporate flood insurance programs as models for new programs.

Title VI: Miscellaneous Provisions - Amends the National Flood Insurance Act of 1978 to: (1) increase flood insurance coverage amounts for nonresidential, single family, and multifamily structures; (2) allow additional coverage for compliance with land use and control measures; (3) permit flood insurance private sector participation; and (4) require an assessment (and revision if necessary) of flood insurance maps (with identification of erosion hazard areas) at least every five years. Establishes the Technical Mapping Advisory Council to undertake certain activities with respect to the preparation, dissemination, and use of flood insurance rate maps. Provides additional funding for the preparation of such maps.