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Under the Biggert-Waters changes, do we have to wait 45 days before we can force-place a flood insurance policy? – IBA Compliance Connection

Under the Biggert-Waters changes, do we have to wait 45 days before we can force-place a flood insurance policy?

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We do not believe that anything in the Flood Disaster Protection Act of 1973 would prohibit a bank from force-placing flood insurance before the end of the forty-five day notification period, provided that you do not charge the customer for the insurance until the forty-five day period ends. See 42 USC 4012a(e). However, note that if a customer does purchase sufficient flood insurance before the end of the forty-five days, the law would not permit the bank to recoup the costs of force-placed flood insurance that was in place at the same time as the customer’s flood insurance. 42 USC 4012a(e)(3).