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339.7(b) states that upon receipt of existing flood coverage, the institution must within 30 days notify the insurance provider and refund all premiums paid by the borrower where the borrower’s policy covered. I have a related scenario, but it’s not exactly the same, and I am wondering if it is a flood violation. If the borrower has force placed flood insurance, and then the loan pays off, does this 30 day rule apply? In other words, if the borrower was charged a year’s premium in July, 2018, then before the year’s premium was used, the loan paid off, does the bank have a time requirement to refund the premium that was paid but is now due to be refunded?
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