(a) Use of form. A System institution shall use the standard flood hazard determination form developed by the Administrator of FEMA when determining whether the building or mobile home offered as collateral security for a loan is or will be located in a special flood hazard area in which flood insurance is available under the 1968 Act. The standard flood hazard determination form may be used in a printed, computerized, or electronic manner. A System institution may obtain the standard flood hazard determination form from FEMA's Web site at www.fema.gov.
(b) Retention of form. A System institution shall retain a copy of the completed standard flood hazard determination form, in either hard copy or electronic form, for the period of time the System institution owns the loan.
authority: Secs. 1.3, 1.5, 1.6, 1.7, 1.9, 1.10, 1.11, 2.0, 2.2, 2.3, 2.4, 2.10, 2.12, 2.13, 2.15, 3.0, 3.1, 3.3, 3.7, 3.8, 3.10, 3.20, 3.28, 4.12, 4.12A, 4.13B, 4.14, 4.14A, 4.14D, 4.14E, 4.18, 4.18A, 4.19, 4.25, 4.26, 4.27, 4.28, 4.36, 4.37, 5.9, 5.10, 5.17, 7.0, 7.2, 7.6, 7.8, 7.12, 7.13, 8.0, 8.5 of the Farm Credit Act (
12 U.S.C. 2011,
2013,
2014,
2015,
2017,
2018,
2019,
2071,
2073,
2074,
2075,
2091,
2093,
2094,
2097,
2121,
2122,
2124,
2128,
2129,
2131,
2141,
2149,
2183,
2184,
2201,
2202,
2202a,
2202d,
2202e,
2206,
2206a,
2207,
2211,
2212,
2213,
2214,
2219a,
2219b,
2243,
2244,
2252,
2279a,
2279a-2,
2279b,
2279c,
2279f,
2279f-1,
2279aa,
2279aa-5);
12 U.S.C. 2121 note;
42 U.S.C. 4012a,
4104a,
4104b,
4106,
and
cite as: 12 CFR 614.4940