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North American State Bank

Belgrade, MN
04/27/2016
Fine Amount: 
$2,000
Issued by: 

The FDIC has issued an Order to Pay a Civil Money Penalty of $2,000 to North American State Bank, Belgrade, Minnesota, pursuant to section 102(f)(1) of the Flood Disaster Protection Act of 1973, as amended ("FDPA"), 42 U.S.C. § 4012a(f)(1). The FDIC determined that the Bank has engaged in a pattern or practice of committing violations of the FDPA and/or the notice requirements under section 1364 of the National Flood Insurance Act of 1968, 42 U.S.C. 4104a, and/or Part 339 of the FDIC’s Rules and Regulations, 12 C.F.R. Part 339 by, on multiple occasions: (a) making, increasing, extending or renewing loans secured by a building or mobile home located or to be located in a special flood hazard area without requiring that the collateral be covered by flood insurance; and (b) failing to timely notify the borrower that the borrower should obtain flood insurance, at the borrower’s expense, upon determining that the collateral was not covered by flood insurance at some time during the term of the loan.

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