SECTION 1.
(a) Except as provided in subdivisions (b) and (c), no person shall be eligible to receive state disaster assistance made available following a flood disaster if the person was required by federal or state law to acquire and maintain flood insurance coverage on the flood-damaged property but canceled or allowed that insurance to lapse. (b) State disaster assistance shall be withheld pursuant to subdivision (a) only to the extent that the assistance could be used as a substitute for insurance proceeds that would have been available had the person acquired and maintained flood insurance as required by law.
(c) Notwithstanding subdivisions (a) and (b), state disaster assistance may be made available to the extent needed to provide emergency assistance to prevent an immediate threat to a person or property.