42 U.S.C. § 4083 — Settlement of claims; arbitration
submitted 58 years ago by Pub. L. 90-448 to r/title-42-THE-PUBLIC-HEALTH-AND-WELFARE · 90 words · no verdicts yet
This section authorizes the flood-insurance Administrator to settle claims arising from authorized financial transactions. The Administrator may refer disputes to advisory arbitration with the parties’ consent.
(a) The Administrator* may finally settle claims or demands arising from financial transactions the Administrator is authorized to conduct under this subchapter. To help settle them, the Administrator may refer related disputes to arbitration if the parties consent.
(b) The arbitration is advisory. An award, decision, or recommendation becomes final only when the Administrator approves it.
The Administrator* is authorized to make final settlement of any claims or demands which may arise as a result of any financial transactions which he is authorized to carry out under this subchapter, and may, to assist him in making any such settlement, refer any disputes relating to such claims or demands to arbitration, with the consent of the parties concerned.
Such arbitration shall be advisory in nature, and any award, decision, or recommendation which may be made shall become final only upon the approval of the Administrator.
Source credit: (Pub. L. 90–448, title XIII, § 1347, Aug. 1, 1968, 82 Stat. 586; Pub. L. 98–181, title I [title IV, § 451(d)(1)], Nov. 30, 1983, 97 Stat. 1229; Pub. L. 112–141, div. F, title II, § 100238(b)(1), July 6, 2012, 126 Stat. 958.)
- 1968Enacted · Pub. L. 90-448 · 82 Stat. 586
- 1983Amended · Pub. L. 98-181 · 97 Stat. 1229
- 2012Amended · Pub. L. 112-141 · 126 Stat. 958
A history note hasn’t been published yet. The record shows enactment by Pub. L. 90-448 on 1968-08-01.
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