Owners of existing National Flood Insurance Act policies with respect to structures located within the Floodway established under section 1600c of title 43 shall have the right to renew and transfer such policies. Owners of existing structures located within said Floodway on October 8, 1986, who have not acquired National Flood Insurance Act policies shall have the right to acquire policies with respect to such structures for six months after the Secretary of the Interior files the Floodway maps required by section 1600c(b)(2) [1] of title 43 and to renew and transfer such policies.

No new flood insurance coverage may be provided under this chapter on or after a date six months after October 8, 1986, for any new construction or substantial improvements of structures located within the Colorado River Floodway established by section 1600c of title 43. New construction includes all structures that are not insurable prior to that date.

The Secretary of the Interior may by rule after notice and comment pursuant to section 553 of title 5 establish temporary Floodway boundaries to be in effect until the maps required by section 1600c(b)(2) 1 of title 43 are filed, for the purpose of enforcing subsections (b) and (d) of this section.

A regulated lending institution or Federal agency lender may make loans secured by structures which are not eligible for flood insurance by reason of this section: Provided, That prior to making such a loan, such institution determines that the loans or structures securing the loan are within the Floodway.

(Pub. L. 90–448, title XIII, § 1322, as added Pub. L. 99–450, § 12, Oct. 8, 1986, 100 Stat. 1135; amended Pub. L. 100–242, title V, § 545(e), Feb. 5, 1988, 101 Stat. 1942; Pub. L. 103–325, title V, § 512(b), Sept. 23, 1994, 108 Stat. 2257.)