Re: Flood Determination


The flood regulations state that a bank shall not make, increase, extend or renew any designated loan unless the building or mobile home and any personal property securing the loan is covered by flood insurance.

A designated loan means a loan secured by a building or mobile home that is located or to be located in a special flood hazard area in which flood insurance is available under the Act.

And finally, building means a walled and roofed structure, other than a gas or liquid storage tank, that is principally above ground and affixed to a permanent site and a walled and roofed structure while in the course of construction, alteration or repair.

If the building is or will be affixed to a permanent site a flood determination should be completed.