National Flood Insurance Reform Act

A Federal law that establishes requirements for flood insurance. Under the National Flood Insurance Reform Act of 1994, lenders taking an interest in real property are required to complete a standard flood hazard determination form developed by the Federal Emergency Management Agency ( FEMA). Flood hazard forms must be retained in the lender's records. If the form indicates that the property is in a designated flood hazard zone, the lender is required to have flood insurance protection. Lenders may also have notice requirement obligations for collateral located in flood hazard zones. American Banker Glossary

Financial and business terms. 2012.

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