[Code of Federal Regulations] [Title 12, Volume 6] [Revised as of January 1, 2006] From the U.S. Government Printing Office via GPO Access [CITE: 12CFR760.4] [Page 680-681] TITLE 12--BANKS AND BANKING CHAPTER VII--NATIONAL CREDIT UNION ADMINISTRATION PART 760_LOANS IN AREAS HAVING SPECIAL FLOOD HAZARDS--Table of Contents Sec. 760.4 Exemptions. The flood insurance requirement prescribed by Sec. 760.3 does not apply with respect to: (a) Any State-owned property covered under a policy of self- insurance satisfactory to the Director of FEMA, who publishes and periodically revises [[Page 681]] the list of States falling within this exemption; or (b) Property securing any loan with an original principal balance of $5,000 or less and a repayment term of one year or less.