The flood insurance requirement prescribed by Sec. 391.32 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 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.
Effective Date Note: At 79 FR 75746, Dec. 19, 2014,Sec. 391.33 was removed and reserved, effective Jan. 20, 2015.