Office Of Thrift Supervision, Department Of The Treasury
Loans in Areas Having Special Flood Hazards
Rule 572.4
Exemptions
The flood insurance requirement prescribed by Sec. 572.3 does not apply with respect to: (a) Any State-owned property covered under a policy of self- insurance satisfactory to the Director of FEMA, who publishes and periodically revises the list of States falling within this exemption; or
(b) Property securing any loan with an original principal balance of $5,000 or less and a repayment term of one year or less. |
