National Flood Insurance Program Improvement Act of 1994

[AI summary unavailable — showing source text] 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: Task Force, Advisory Council, and Studies Title VI: Miscellaneous Provisions National Flood Insurance Program Improvement Act of 1994 - 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) and loan servicers 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 insura…