Code of Federal Regulations · Section
§ 36.4703 — Exemptions
38 C.F.R. § 36.4703
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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.
Authorizing Statute
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Flood insurance purchase and compliance requirements and escrow accounts42 U.S.C. § 4012a
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Rules and regulations38 U.S.C. § 501