40-028 0-79-18

1.

Indicate by asterisk (*) if information is on basis of bank officer's observation rather than borrower's statement.

3. M-Married U-Unmarried S-Separated

4.

P-Purchase of existing dwelling

R-Refinancing of existing home
loan

1-Construction loan only

C-Construction-permanent

H1-Home improvement, repair or

maintenance

O-Other

5. A-Accepted R-Rejected

D-Other adverse action,

as defined in FRB Regulation B, Sec 202.2 0-Other action

PART 339-LOANS IN AREAS HAVING SPECIAL FLOOD HAZARDS

Sec.

339.0 Introduction and scope.

339.1 Requirement to purchase flood insur

ance.

339.2 [Reserved]

339.3 Exemption.

339.4 Records of compliance.

339.5 Notice of special flood hazard and of the availability of Federal disaster relief assistance.

AUTHORITY: Sec. 102(b), 202(b), 205(b), 87 Stat. 978, 982, 983, unless otherwise noted. '

SOURCE: 39 FR 4756, Feb. 7, 1974, unless otherwise noted.

§ 339.0 Introduction and scope.

The provisions of this Part 339 apply to certain loans secured by improved real estate made by insured State nonmember banks in areas determined by the Secretary of Housing and Urban Development to be areas having special flood hazards.

§ 339.1 Requirement to purchase flood in

surance.

On and after the effective date of this Part 339, no insured State nonmember bank shall make, increase, extend, or renew any loan secured by improved real estate or a mobile home located or to be located in an area that has been identified by the Secretary of Housing and Urban Development as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968, unless the building or mobile home and any personal property securing such loan is covered for the term of the loan by flood insurance in an amount at least equal to the outstanding principal balance of the loan or to the maximum limit of coverage made available with respect to the particular type of property under the Act, whichever is less.

139 FR 5748, Feb. 15, 1974.

§ 339.2 [Reserved]

§ 339.3 Exemption.

Notwithstanding the provisions of § 339.1 of this Part 339, flood insurance shall not be required on any State-owned property that is covered under an adequate policy of self-insurance satisfactory to the Secretary of Housing and Urban Development who shall publish and periodically revise the list of States falling within the exemption provided by this section.

§ 339.4 Records of compliance.

Each insured State nonmember bank shall maintain, in connection with all loans secured by improved real estate, or a mobile home, sufficient records to indicate the method used by the bank to determine whether or not such loans fall within the provisions of §§ 339.1, 339.2 or § 339.3 of this Part 339.

§ 339.5 Notice of special flood hazard and of the availability of Federal disaster relief assistance.

(a) Notice Requirement. Each insured State nonmember bank shall, as a condition of making, increasing, extending or renewing any loan secured by improved real estate or a mobile home located or to be located in an area that has been identified by the Secretary of Housing and Urban Development as an area having special flood hazards, mail or deliver as soon as feasible but not less than 10 days in advance of closing of the transaction (or not later than the bank's commitment, if any, if the period between commitment and closing is less than 10 days) a written notice to the borrower stating: (1) That the property securing the loan is or will be located in an area so identified (or in lieu of such notification, the bank may obtain satisfactory written assurance from a seller or lessor stating that such seller or lessor has notified the borrower, prior to the execution of any agreement for sale or lease, that the property securing the loan is or will be located in an area so identified) and (2) whether Federal disaster relief assist

ance will be available for the property in the event the propety is damaged by a flood in a federally declared disaster. Each insured State nonmember bank shall require the borrower, prior to closing, to provide the bank with a written acknowledgement that the borrower realizes the property securing the loan is or will be located in an area so identified and that the borrower has received the above-required notice regarding Federal disaster relief assistance.

(b) Sample Notices. An insured State nonmember bank providing written notice containing the language presented below within the time limits prescribed in paragraph (a) will be considered to be in compliance with the notice requirements of paragraph (a).

(1) Notice to Borrower of Special Flood Hazard Area. Notice is hereby given to

that the improved real estate or mobile home described in the attached instrument is or will be located in an area designated by the Secretary of the Department of Housing and Urban Development as a special flood hazard area. This area is delineated on -'s Flood Insurance Rate Map (FIRM) or, if the FIRM is unavailable, on the Flood Hazard Boundary Map (FHBM). This area has a 1 percent chance of being flooded within any given year. The risk of exceeding the 1 percent chance increases with time periods longer than one year. For example, during the life of a 30year mortagage, a structure located in a special flood hazard area has a 26 percent chance of being flooded.

(2) Notice to Borrower about Federal Disaster Relief Assistance. (i) Notice in participating communities. The improved real estate or mobile home securing your loan is or will be located in a community that is now participating in the National Flood Insurance Program. In the event such property is damaged by flooding in a federally declared disaster, federal disaster relief assistance may be available. However, such assistance will be unavailable if your community has been identified as a flood-prone area for one year or longer and is not participating in the National Flood Insurance Program at the time the assistance would be approved. This assistance, usually in the form of a loan with a favorable interest rate, may be available for damages incurred in excess of your flood insurance.

(ii) Notice in nonparticipating communities. The improved real estate or mobile home securing your loan is or will be located in a community that is not participating in

the National Flood Insurance Program. This means that such property is not eligible for federal flood insurance. In the event the property is damaged by flooding in a federally declared disaster, federal disaster relief assistance will be unavailable if your community has been identified as a floodprone area for one year or longer. Such assistance may be available only if, at the time the assistance would be approved, your community is participating in the National Flood Insurance Program or has been identified as a flood-prone area for less than one year.

[42 FR 60729, Nov. 29, 1977, as amended at 42 FR 64109, Dec. 22, 1977]

The requirements of this part are adopted pursuant to Sections 2, 17, 17A and 23(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78) (the "Act") and apply to all State nonmember banks, or subsidiaries of such banks, that act as transfer agent for securities registered under Section 12 of the Securities Exchange Act of 1934 (15 U.S.C. 781), or for securities which would be required to be registered except for the exemption from registration contained in subsections (g)(2)(B) or (g)(2)(G) of Section 12 of that Act (which subsections relate to securities of investment companies and insurance companies).

3(a)(34)(B) of the Act, shall be filed with the Corporation on Form TA-1, in accordance with. the instructions contained therein and shall become effective on the thirtieth day following the date on which the application is filed unless the Corporation takes affirmative action to accelerate, deny or postpone such registration in accordance with the provisions of Section 17A(c) of the Act.

(b) Effective Date. The filing of any amendment to an application for registration as a transfer agent pursuant to paragraph (a) of this section, which registration has not become effective, shall postpone the effective date of the registration until the thirtieth day following the date on which the amendment is filed unless the Corporation takes affirmative action to accelerate, deny or postpone the registration in accordance with the provisions of Section 17A(c) of the Act.

(c) Required Amendments. Within twenty-one calendar days following the date on which any information reported at Items 1-6 of Form TA-1 becomes inaccurate, misleading or incomplete, the registrant shall file an amendment on Form TA-1 correcting the inaccurate, misleading or incomplete information. Within thirty calendar days following the close of any calendar year (beginning with the period from the date as of which registrant's application is prepared to December 31, 1976) during which the information required by item 7 of Form TA-1 becomes inaccurate, misleading or incomplete, the registrant shall file an amendment on Form TA-1 correcting the inaccurate, misleading or incomplete information.

(d) Constitute Reports. Every registration or amendment filed pursuant to this rule shall constitute a "report" or "application" within the meaning of Sections 17, 17A(c) and 32(a) of the Act.

§§ 341.3-341.9 [Reserved]

§ 341.10 Form for Registration as a Transfer Agent (Form TA-1).

INSTRUCTIONS FOR USE OF FORM TA-1 UNIFORM FORM FOR REGISTRATION AS A TRANSFER AGENT AND FOR AMENDMENT TO REGISTRATION AS A TRANSFER AGENT PURSUANT TO SECTION 17A OF THE SECURITIES EXCHANGE ACT OF 1934 (THE “ACT")

I. General Instructions for Preparing and Filing Form TA-1. 1. Form TA-1 is to be used by transfer agents to apply for registration and to amend registration with the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Federal Deposit Insurance Corporation or the Securities and Exchange Commission. As used hereinafter, the terms "Form TA-1" includes the form and any required schedules and attachments thereto.

2. Transfer agents should register as follows:

A. A national bank or a subsidiary of any such bank or a bank operating under the Code of Law for the District of Columbia or a subsidiary of any such bank registers with the Comptroller of the Currency.

B. A State member bank of the Federal Reserve System or a subsidiary of any such bank or a bank holding company or a subsidiary of a bank holding company which is a bank (other than a bank which is required to register with the Comptroller of the Currency or the Federal Deposit Insurance Corporation) registers with the Board of Governors of the Federal Reserve System.

C. A bank insured by the Federal Deposit Insurance Corporation (other than a bank which is a member bank of the Federal Reserve System) or a subsidiary thereof registers with the Federal Deposit Insurance Corporation.

D. All other transfer agents register with the Securities and Exchange Commission. 3. Transfer agents are required to file six completed copies of Form TA-1 with the appropriate regulatory agency, as described in instruction 2 immediately above, in accordance with the following instructions:

A. For transfer agents registering with the Comptroller of the Currency, six copies of Form TA-1 are to be filed with the Office of the Comptroller of the Currency, Administrator of National Banks, Washington, D.C. 20219.

B. For transfer agents registering with the Board of Governors of the Federal Reserve System, four copies of Form TA-1 are to be filed with the Board of Governors of the Federal Reserve System, Washington, D.C.

20551, and two copies of Form TA-1 are to be filed with the Federal Reserve Bank of the District in which registrants' principal banking operations are conducted.

C. For transfer agents registering with the Federal Deposit Insurance Corporation, six copies of Form TA-1 are to be filed with the Federal Deposit Insurance Corporation, Washington, D.C. 20429.

D. For transfer agents registering with the Securities and Exchange Commission, six copies of Form TA-1 are to be filed with the Securities and Exchange Commission, Washington, D.C. 20549.

An exact copy of Form TA-1 should be retained for your records.

4. The date on which a Form TA-1 is received by the appropriate regulatory agency shall be the date of filing thereof if all the requirements with respect to filing have been complied with. A Form TA-1 which is not prepared and executed in compliance with applicable requirements may be returned as not acceptable for filing. However, acceptance of Form TA-1 shall not constitute any finding that it has been filed as required or that the information submitted is true, current, or complete.

5. Copies of Form TA-1 and Schedules A and B may be duplicated and are acceptable for filing provided an original, manual signature is affixed to the execution section of each copy. Except as set forth in instruction 20, Form TA-1 and Schedules A and B may be duplicated by any method producing legible copies, of type size identical to that in the Form, on good quality, unglazed, white paper, 81⁄2 x 11 inches in size.

6. If Form TA-1 is filed by a corporation, it shall be signed in the name of the corporation by a principal officer duly authorized; if it is filed other than by a corporation, it shall be signed by a duly authorized principal of the organization filing the Form. As used in this Form, principal officer means the chairman of the board of directors, vice chairman of the board of directors, chairman of the executive committee, president, vice president, treasurer, secretary, comptroller, or any other person performing a similar function.

7. If the space provided for any answer on Form TA-1 is insufficient, the complete answer shall be prepared on Schedule A, which shall be attached to the Form.

8. Individuals' names, except for executing signatures, shall be given in full wherever required (last name, first name, middle name). The full middle name is required. Initials are not acceptable unless the individual legally has only an initial.

9. Unless the context otherwise requires, "registrant" means the entity on whose behalf Form TA-1 is filed, whether as a registration or as an amendment to a previously filed Form TA-1.

10. The information contained in Form TA-1 shall be amended upon the happening of certain events (See instruction 15 relating to amendments to Form TA-1).

11. Section 17(c)(1) of the Act, among other things, requires every transfer agent who files a registration form or amendment thereto with the Board of Governors of the Federal Reserve System, the Comptroller of the Currency or the Federal Deposit Insurance Corporation to file a copy of such registration form or amendment with the Securities and Exchange Commission. The Securities and Exchange Commission and the federal bank regulatory agencies have developed procedures pursuant to which the federal bank regulatory agencies will transmit a copy of any registration form or amendment filed with them to the Securities and Exchange Commission. Accordingly, such filings with the federal bank regulatory agencies by transfer agents for which the Securities and Exchange Commission is not the appropriate regulatory agency will constitute filings with the Securities and Exchange Commission for purposes of section 17(c)(1) of the Act.

12. The term "transfer agent" is defined in section 3(a)(25) of the Act to mean any person who engages on behalf of an issuer of securities or on behalf of itself as an issuer of securities in (i) countersigning such securities upon issuance; (ii) monitoring the issuance of such securities with a view to preventing unauthorized issuance, a function commonly performed by a person called a registrar, (iii) registering the transfer of such securities, (iv) exchanging or converting such securities, or (v) transferring record ownership of securities by bookkeeping entry without physical issuance of securities certificates. The term "transfer agent" does not include any insurance company or separate account which performs such functions solely with respect to variable annuity contracts or variable life policies which it issues or any registered clearing agency which performs such functions solely with respect to options contracts which it issues.

13. In response to any item (except item 7(a)) of Form TA-1 which requires information about "transfer agent activities," "transfer agent functions," "transfer agent operations," "securities" or "issues," the response should encompass all securities (e.g., municipal securities, debt securities, preferred stock, common stock) for which registrant acts as transfer agent, as defined in Section 3(a)(25) of the Act. The response should not be limited to securities registered under Section 12 of the Act or which would be required to be registered except for the exemption from registration provided by subsection (g)(2)(B) or (g)(2)(G) of section