Page:United States Statutes at Large Volume 108 Part 3.djvu/535

 PUBLIC LAW 103-325—SEPT. 23, 1994 108 STAT. 2287 (2) FAILURE TO NOTIFY. — I f a transferor described in paragraph (1) fails to make a notification in accordance with such paragraph and, subsequent to the transfer of the property— (A) the transferee fails to obtain or maintain flood insurance in accordance with applicable Federal law with respect to the property, (B) the property is damaged by a flood disaster, and (C) Federal disaster relief assistance is provided for the repair, replacement, or restoration of the property as a result of such damage, the transferor shall be required to reimburse the Federal Government in an amount equal to the amount of the Federal disaster relief assistance provided with respect to the property. (3) PROPERTY DESCRIBED.—For purposes of paragraph (1), a property is described in this paragraph if it is personal, commercial, or residential property for which Federal disaster relief assistance made available in a flood disaster area has been provided, prior to the date on which the property is transferred, for repair, replacement, or restoration of the property, if such assistance was conditioned upon obtaining flood insurance in accordance with applicable Federal law with respect to such property. (c) AMENDMENT TO THE FLOOD DISASTER PROTECTION ACT OF 1973. —Section 102(a) of the Flood Disaster Protection Act of 1973 (42 U.S.C. 4012a(a)) is amended— (1) by striking ", during the anticipated economic or useful life of the proiect,"; and (2) by adding at the end the following: "The requirement of maintaining flood insurance shall apply during the life of the property, regardless of transfer of ownership of such property.". (d) DEFINITION. —For purposes of this section, the term "flood disaster area" means an area with respect to which— (1) the Secretary of Agriculture finds, or has found, to have been substantially affected by a natural disaster in the United States pursuant to section 321(a) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1961(a)); or (2) the President declares, or has declared, the existence of a major disaster or emergency pursuant to the Robert T. Stafford Disaster Relief ana Emergency Assistance Act (42 U.S.C. 5121 et seq.),, as a result of flood conditions existing in or affecting that area. (e) EFFECTIVE DATE.—T his section and the amendments made by this section shall apply to disasters declared after the date of enactment of this Act. SEC. 583. REGULATIONS. 42 USC 4001 The Director of the Federal Emergency Management Agency and any appropriate Federal agency may each issue any regulations necessary to carry out the applicable provisions of this title and the applicable amendments made by this title. SEC. 584. RELATION TO STATE AND LOCAL LAWS. 42 USC 4001 This title and the amendments made by this title may not be construed to preempt, annul, alter, amend, or exempt any person from compliance with any law, ordinance, or regulation of any State or local government with respect to land use, management, or control.

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