12 CFR 760.7 - Forced placement of flood insurance.

§ 760.7 Forced placement of flood insurance.
If a credit union, or a servicer acting on behalf of the credit union, determines at any time during the term of a designated loan that the building or mobile home and any personal property securing the designated loan is not covered by flood insurance, or is covered by flood insurance in an amount less than the amount required under § 760.3, then the credit union or its servicer shall notify the borrower that the borrower should obtain flood insurance, at the borrower's expense, in an amount at least equal to the amount required under § 760.3, for the remaining term of the loan. If the borrower fails to obtain flood insurance within 45 days after notification, then the credit union or its servicer shall purchase insurance on the borrower's behalf. The credit union or its servicer may charge the borrower for the cost of premiums and fees incurred in purchasing the insurance.
[61 FR 45713, Aug. 29, 1996, as amended at 73 FR 30478, May 28, 2008]

Title 12 published on 2014-01-01

no entries appear in the Federal Register after this date.

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

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United States Code

Title 12 published on 2014-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR 760 after this date.

  • 2014-10-30; vol. 79 # 210 - Thursday, October 30, 2014
    1. 79 FR 64518 - Loans in Areas Having Special Flood Hazards
      GPO FDSys XML | Text
      DEPARTMENT OF THE TREASURY, FEDERAL RESERVE SYSTEM, FEDERAL DEPOSIT INSURANCE CORPORATION, NATIONAL CREDIT UNION ADMINISTRATION, FARM CREDIT ADMINISTRATION, Office of the Comptroller of the Currency
      Joint notice of proposed rulemaking.
      Comments must be received on or before December 29, 2014.
      12 CFR Parts 22, 172