Section 57.04 - When to Provide the Notice about Flood Insurance Coverage(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. (a) If a transaction involves more than one creditor or creditor's representative, only one Notice about Flood Insurance Coverage must be given to the purchaser or owner, and the creditors and creditor's representatives shall agree among themselves which creditor or creditor's representative must comply with the notice requirements that 209 CMR 57.04 imposes on any or all of them.(b) If the creditor's representative has provided the Notice about Flood Insurance Coverage to the purchaser or owner, the creditor will not be required to provide an additional Notice about Flood Insurance Coverage for the same transaction. The creditor is responsible for ascertaining whether the creditor's representative has provided the Notice about Flood Insurance Coverage and must retain a record of a written assurance from the creditor's representative that the creditor's representative provided such notice to the purchaser or owner in accordance with the timing requirements set forth under 209 CMR 57.04(2).(4)Notice Not Required at Policy Renewal.(a) Except as provided under 209 CMR 57.04(4)(b), you are not required to provide the Notice about Flood Insurance Coverage to the insured owner of the residential property on an annual basis at the time the owner is notified of the need to renew the existing flood insurance policy.(b) You must provide the Notice about Flood Insurance Coverage to the insured owner of the residential property at the time the owner is notified of the need to renew the existing flood insurance policy if there is an increase, extension, or renewal of the existing mortgage loan, or a new mortgage loan, made at that time, or the addition of new coverage or an increase in the amount of flood insurance coverage in excess of the policy amount which was in effect for the expiring policy period.(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.(a) An insurance producer required to provide notice as set forth in M.G.L. c. 183, § 69 must provide such notice to the purchaser or owner of the residential property in clear and conspicuous print either:1. At the time the purchaser or owner is notified of the need to purchase or pay for flood insurance; or2. At the time the purchaser or owner submits an application for flood insurance.(b) The Division of Insurance shall administer and enforce the requirements set forth in 209 CMR 57.04(7)(a), including the determination of the form of notice to be provided by an insurance producer.Adopted by Mass Register Issue 1295, eff. 9/11/2015.