12 C.F.R. § 760.3 Requirement to purchase flood insurance where available.
Title 12 - Banks and Banking
(a) In general. A credit union shall not make, increase, extend, or renew any designated loan unless the building or mobile home and any personal property securing the loan is covered by flood insurance for the term of the loan. The amount of insurance must be at least equal to the lesser of the outstanding principal balance of the designated loan or the maximum limit of coverage available for the particular type of property under the Act. Flood insurance coverage under the Act is limited to the overall value of the property securing the designated loan minus the value of the land on which the property is located. (b) Table funded loan. A credit union that acquires a loan from a mortgage broker or other entity through table funding shall be considered to be making a loan for the purposes of this part.
Title 12: Banks and Banking
PART 760—LOANS IN AREAS HAVING SPECIAL FLOOD HAZARDS
§ 760.3 Requirement to purchase flood insurance where available.
