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<br />the origination of a loan and the Director fails <br />to provide a letter under subparagraph (A) before <br />the later of (i) the expiration of the 45-day <br />period under such subparagraph, or (ii) the <br />closing of the loan, no person shall have an <br />obligation under this title to require the <br />purchase of flood insurance for the building or <br />mobile home securing the loan until such letter is <br />provided. <br /> <br />(4) APPLICABILITY. --This subsection shall apply to <br />all loans outstanding on or after the date of enactment <br />of the Riegle Community Development and Regulatory <br />Improvement Act of 1994. <br /> <br />(f) B CIVIL MONETARY PENALTIES FOR FAILURE To REQUIRE FLOOD <br />INSURANCE OR NOTIFY.-- <br /> <br />(1) CIVIL MONETARY PENALTIES AGAINST REGULATED LENDERS. -- <br />Any regulated lending institution that is found to have <br />a pattern or practice of committing violations under <br />paragraph (2) shall be assessed a civil penalty by the <br />appropriate Federal entity for lending regulation in the <br />amount provided under paragraph (5). <br /> <br />(2) LENDER VIOLATIONs.--The violations referred to <br />in paragraph (1) shall include-- <br /> <br />(A) making, increasing, extending, or <br />renewing loans in violation of-- <br /> <br /># <br /> <br />(i) the regulations issued pursuant to <br />subsection (b) of this section; <br /> <br />(ii) the escrow requirements under <br />subsection (d) of this section; or <br /> <br />(Hi) the <br />section 1364 of <br />Act of 1968; or <br /> <br />notice requirements under <br />the National Flood Insurance <br /> <br />(B) failure to provide notice or purchase <br />flood insurance coverage in violation of <br />subsection (e) of this section. <br /> <br />BSec. 525, National Flood Insurance Reform Act of 1994, <br />Public Law 103-325, approved September 23, 1994, added <br />subsection (f). <br /> <br />11 <br />