§ 36.4703. Exemptions.
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/us/cfr/t38/s§ 36.4703·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The flood insurance requirement prescribed by 38 CFR 36.4702 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. (Authority: 42 U.S.C. 4012a(c)) \[62 FR 5533, Feb. 6, 1997\]
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