Code of Massachusetts Regulations
209 CMR - DIVISION OF BANKS AND LOAN AGENCIES
Title 209 CMR 57.00 - Flood Insurance
Section 57.04 - When to Provide the Notice about Flood Insurance Coverage
Current through Register 1537, December 20, 2024
(1) Notice Requirement. At the time you require a purchaser or owner of a residential property to purchase or pay for flood insurance on the property in a designated loan transaction, you must provide a Notice about Flood Insurance Coverage to the purchaser or owner in accordance with 209 CMR 57.05.
(2) Delivery and Timing of Notice. You must mail or deliver the Notice about Flood Insurance Coverage to the purchaser or owner of the residential property by the same method, and at the same time, that the Notice of Special Flood Hazards issued pursuant to 42 U.S.C. § 4012a(b)(6) is provided to such purchaser or owner.
(3) Multiple Creditors or Creditor's Representatives.
(4) Notice Not Required at Policy Renewal.
(5) Lender Placed Insurance. If during the term of the designated loan, you determine that the designated loan is not covered by flood insurance, or if the flood insurance coverage is determined to be deficient pursuant to applicable guidelines for the National Flood Insurance Program, you must provide the Notice about Flood Insurance Coverage to the owner of the property at the time you provide notice to such owner of the requirement to obtain the necessary amount of flood insurance prior to the forced placement of insurance.
(6) Multiple Purchasers or Owners. When two or more purchasers or owners are joint obligors with primary liability on a designated loan, you may provide the Notice about Flood Insurance Coverage required under 209 CMR 57.04(1) through 209 CMR 57.04(5) to any one of them. If one purchaser or owner is a surety or guarantor, you must provide the Notice about Flood Insurance to the principal debtor.
(7) Insurance Producers.