{"identifier":"/us/usc/t42/s4121","title":42,"num":"\u00a7\u202f4121.","heading":"Definitions","text":"\u00a7\u202f4121.\nDefinitions\n(a) As used in this chapter\u2014\n(1) the term \u201cflood\u201d shall have such meaning as may be prescribed in regulations of the Administrator, and may include inundation from rising waters or from the overflow of streams, rivers, or other bodies of water, or from tidal surges, abnormally high tidal water, tidal waves, tsunamis, hurricanes, or other severe storms or deluge;\n(2) the terms \u201cUnited States\u201d (when used in a geographic sense) and \u201cState\u201d includes the several States, the District of Columbia, the territories and possessions, the Commonwealth of Puerto Rico, and the Trust Territory of the Pacific Islands;\n(3) the terms \u201cinsurance company\u201d, \u201cother insurer\u201d and \u201cinsurance agent or broker\u201d include any organization or person that is authorized to engage in the business of insurance under the laws of any State, subject to the reporting requirements of the Securities Exchange Act of 1934 [\n15 U.S.C. 78a\n15 U.S.C. 78m(a)\no\n(4) the term \u201cinsurance adjustment organization\u201d includes any organizations and persons engaged in the business of adjusting loss claims arising under insurance policies issued by any insurance company or other insurer;\n(5) the term \u201cperson\u201d includes any individual or group of individuals, corporation, partnership, association, or any other organized group of persons, including State and local governments and agencies thereof;\n(6) the term \u201cAdministrator\u201d means the Administrator of the Federal Emergency Management Agency;\n(7) the term \u201crepetitive loss structure\u201d means a structure covered by a contract for flood insurance that\u2014\n(A) has incurred flood-related damage on 2 occasions, in which the cost of repair, on the average, equaled or exceeded 25 percent of the value of the structure at the time of each such flood event; and\n(B) at the time of the second incidence of flood-related damage, the contract for flood insurance contains increased cost of compliance coverage.\n1\n1 So in original. The period probably should be a semicolon.\n(8) the term \u201cFederal agency lender\u201d means a Federal agency that makes direct loans secured by improved real estate or a mobile home, to the extent such agency acts in such capacity;\n(9) the term \u201cFederal entity for lending regulation\u201d means the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the National Credit Union Administration, and the Farm Credit Administration, and with respect to a particular regulated lending institution means the entity primarily responsible for the supervision of the institution;\n(10) the term \u201cimproved real estate\u201d means real estate upon which a building is located;\n(11) the term \u201clender\u201d means a regulated lending institution or Federal agency lender;\n(12) the term \u201cnatural and beneficial floodplain functions\u201d means\u2014\n(A) the functions associated with the natural or relatively undisturbed floodplain that (i) moderate flooding, retain flood waters, reduce erosion and sedimentation, and mitigate the effect of waves and storm surge from storms, and (ii) reduce flood related damage; and\n(B) ancillary beneficial functions, including maintenance of water quality and recharge of ground water, that reduce flood related damage;\n(13) the term \u201cregulated lending institution\u201d means any bank, savings and loan association, credit union, farm credit bank, Federal land bank association, production credit association, or similar institution subject to the supervision of a Federal entity for lending regulation;\n(14) the term \u201cservicer\u201d means the person responsible for receiving any scheduled periodic payments from a borrower pursuant to the terms of a loan, including amounts for taxes, insurance premiums, and other charges with respect to the property securing the loan, and making the payments of principal and interest and such other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the loan; and\n(15) the term \u201csubstantially damaged structure\u201d means a structure covered by a contract for flood insurance that has incurred damage for which the cost of repair exceeds an amount specified in any regulation promulgated by the Administrator, or by a community ordinance, whichever is lower.\n(b) The term \u201cflood\u201d shall also include inundation from mudslides which are proximately caused by accumulations of water on or under the ground; and all of the provisions of this chapter shall apply with respect to such mud-slides in the same manner and to the same extent as with respect to floods described in subsection (a)(1), subject to and in accordance with such regulations, modifying the provisions of this chapter (including the provisions relating to land management and use) to the extent necessary to insure that they can be effectively so applied, as the Administrator may prescribe to achieve (with respect to such mudslides) the purposes of this chapter and the objectives of the program.\n(c) The term \u201cflood\u201d shall also include the collapse or subsidence of land along the shore of a lake or other body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels, and all of the provisions of this chapter shall apply with respect to such collapse or subsidence in the same manner and to the same extent as with respect to floods described in subsection (a)(1), subject to and in accordance with such regulations, modifying the provisions of this chapter (including the provisions relating to land management and use) to the extent necessary to insure that they can be effectively so applied, as the Administrator may prescribe to achieve (with respect to such collapse or subsidence) the purposes of this chapter and the objectives of the program.","url":"https://projectusc.org/usc/t42/s4121.html","content":[{"t":"sec","id":"/us/usc/t42/s4121","children":[{"t":"num","text":"\u00a7\u202f4121."},{"t":"heading","text":"Definitions"},{"t":"subsec","id":"/us/usc/t42/s4121/a","children":[{"t":"num","text":"(a)"},{"t":"chapeau","text":" As used in this chapter\u2014"},{"t":"para","id":"/us/usc/t42/s4121/a/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" the term \u201cflood\u201d shall have such meaning as may be prescribed in regulations of the Administrator, and may include inundation from rising waters or from the overflow of streams, rivers, or other bodies of water, or from tidal surges, abnormally high tidal water, tidal waves, tsunamis, hurricanes, or other severe storms or deluge;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t42/s4121/a/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" the terms \u201cUnited States\u201d (when used in a geographic sense) and \u201cState\u201d includes the several States, the District of Columbia, the territories and possessions, the Commonwealth of Puerto Rico, and the Trust Territory of the Pacific Islands;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t42/s4121/a/3","children":[{"t":"num","text":"(3)"},{"t":"content","text":" the terms \u201cinsurance company\u201d, \u201cother insurer\u201d and \u201cinsurance agent or broker\u201d include any organization or person that is authorized to engage in the business of insurance under the laws of any State, subject to the reporting requirements of the Securities Exchange Act of 1934 [","children":[{"t":"ref","text":"15 U.S.C. 78a","href":"/us/usc/t15/s78a","tail":" et seq.] pursuant to section 13(a) or 15(d) of such Act ("},{"t":"ref","text":"15 U.S.C. 78m(a)","href":"/us/usc/t15/s78m/a","tail":" and 78"},{"t":"text","text":"o","tail":"(d)), or authorized by the Administrator to assume reinsurance on risks insured by the flood insurance program;"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t42/s4121/a/4","children":[{"t":"num","text":"(4)"},{"t":"content","text":" the term \u201cinsurance adjustment organization\u201d includes any organizations and persons engaged in the business of adjusting loss claims arising under insurance policies issued by any insurance company or other insurer;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t42/s4121/a/5","children":[{"t":"num","text":"(5)"},{"t":"content","text":" the term \u201cperson\u201d includes any individual or group of individuals, corporation, partnership, association, or any other organized group of persons, including State and local governments and agencies thereof;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t42/s4121/a/6","children":[{"t":"num","text":"(6)"},{"t":"content","text":" the term \u201cAdministrator\u201d means the Administrator of the Federal Emergency Management Agency;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t42/s4121/a/7","children":[{"t":"num","text":"(7)"},{"t":"chapeau","text":" the term \u201crepetitive loss structure\u201d means a structure covered by a contract for flood insurance that\u2014"},{"t":"subpara","id":"/us/usc/t42/s4121/a/7/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" has incurred flood-related damage on 2 occasions, in which the cost of repair, on the average, equaled or exceeded 25 percent of the value of the structure at the time of each such flood event; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t42/s4121/a/7/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" at the time of the second incidence of flood-related damage, the contract for flood insurance contains increased cost of compliance coverage.","children":[{"t":"ref","text":"1"},{"t":"num","text":"1","tail":"\u202fSo in original. The period probably should be a semicolon."},{"t":"text","text":"\u202fSo in original. The period probably should be a semicolon."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t42/s4121/a/8","children":[{"t":"num","text":"(8)"},{"t":"content","text":" the term \u201cFederal agency lender\u201d means a Federal agency that makes direct loans secured by improved real estate or a mobile home, to the extent such agency acts in such capacity;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t42/s4121/a/9","children":[{"t":"num","text":"(9)"},{"t":"content","text":" the term \u201cFederal entity for lending regulation\u201d means the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the National Credit Union Administration, and the Farm Credit Administration, and with respect to a particular regulated lending institution means the entity primarily responsible for the supervision of the institution;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t42/s4121/a/10","children":[{"t":"num","text":"(10)"},{"t":"content","text":" the term \u201cimproved real estate\u201d means real estate upon which a building is located;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t42/s4121/a/11","children":[{"t":"num","text":"(11)"},{"t":"content","text":" the term \u201clender\u201d means a regulated lending institution or Federal agency lender;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t42/s4121/a/12","children":[{"t":"num","text":"(12)"},{"t":"chapeau","text":" the term \u201cnatural and beneficial floodplain functions\u201d means\u2014"},{"t":"subpara","id":"/us/usc/t42/s4121/a/12/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" the functions associated with the natural or relatively undisturbed floodplain that (i) moderate flooding, retain flood waters, reduce erosion and sedimentation, and mitigate the effect of waves and storm surge from storms, and (ii) reduce flood related damage; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t42/s4121/a/12/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" ancillary beneficial functions, including maintenance of water quality and recharge of ground water, that reduce flood related damage;","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t42/s4121/a/13","children":[{"t":"num","text":"(13)"},{"t":"content","text":" the term \u201cregulated lending institution\u201d means any bank, savings and loan association, credit union, farm credit bank, Federal land bank association, production credit association, or similar institution subject to the supervision of a Federal entity for lending regulation;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t42/s4121/a/14","children":[{"t":"num","text":"(14)"},{"t":"content","text":" the term \u201cservicer\u201d means the person responsible for receiving any scheduled periodic payments from a borrower pursuant to the terms of a loan, including amounts for taxes, insurance premiums, and other charges with respect to the property securing the loan, and making the payments of principal and interest and such other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the loan; and","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t42/s4121/a/15","children":[{"t":"num","text":"(15)"},{"t":"content","text":" the term \u201csubstantially damaged structure\u201d means a structure covered by a contract for flood insurance that has incurred damage for which the cost of repair exceeds an amount specified in any regulation promulgated by the Administrator, or by a community ordinance, whichever is lower.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t42/s4121/b","children":[{"t":"num","text":"(b)"},{"t":"content","text":" The term \u201cflood\u201d shall also include inundation from mudslides which are proximately caused by accumulations of water on or under the ground; and all of the provisions of this chapter shall apply with respect to such mud-slides in the same manner and to the same extent as with respect to floods described in subsection (a)(1), subject to and in accordance with such regulations, modifying the provisions of this chapter (including the provisions relating to land management and use) to the extent necessary to insure that they can be effectively so applied, as the Administrator may prescribe to achieve (with respect to such mudslides) the purposes of this chapter and the objectives of the program.","tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t42/s4121/c","children":[{"t":"num","text":"(c)"},{"t":"content","text":" The term \u201cflood\u201d shall also include the collapse or subsidence of land along the shore of a lake or other body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels, and all of the provisions of this chapter shall apply with respect to such collapse or subsidence in the same manner and to the same extent as with respect to floods described in subsection (a)(1), subject to and in accordance with such regulations, modifying the provisions of this chapter (including the provisions relating to land management and use) to the extent necessary to insure that they can be effectively so applied, as the Administrator may prescribe to achieve (with respect to such collapse or subsidence) the purposes of this chapter and the objectives of the program.","tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}