12 C.F.R. § 22.4

Exemptions

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The flood insurance requirement prescribed by § 22.3 does not apply with respect to:

(a) Any State-owned property covered under a policy of self-insurance satisfactory to the Administrator of FEMA, who publishes and periodically revises the list of States falling within this exemption;

(b) Property securing any loan with an original principal balance of $5,000 or less and a repayment term of one year or less; or

(c) Any structure that is a part of any residential property but is detached from the primary residential structure of such property and does not serve as a residence. For purposes of this paragraph (c):

(1) “A structure that is a part of a residential property” is a structure used primarily for personal, family, or household purposes, and not used primarily for agricultural, commercial, industrial, or other business purposes;

(2) A structure is “detached” from the primary residential structure if it is not joined by any structural connection to that structure; and

(3) “Serve as a residence” shall be based upon the good faith determination of the national bank or Federal savings association that the structure is intended for use or actually used as a residence, which generally includes sleeping, bathroom, or kitchen facilities.

Notes of Decisions

Cited in 1 case, 1978–1978 · leading case: Edwards & Hanly v. Wells Fargo Sec. Clearance Corp., 458 F. Supp. 1110 (S.D.N.Y. 1978).

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Edwards & Hanly v. Wells Fargo Sec. Clearance Corp., 458 F. Supp. 1110 (S.D.N.Y. 1978). “12 C.F.R. § 22.4 (c)(l)(ii). This portion of Regulation T imposes an obligation upon a broker to have a “good faith” belief at the time it executes a sell order for a cash account that the customer (here, Richardson) will promptly deliver the stock to the broker.”

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