California

CA Governor Signs Bill Clarifying PACE Disclosures

 

CaliforniaCalifornia Governor Jerry Brown today signed legislation setting uniform disclosure rules for Property Assessed Clean Energy (PACE) financing programs.

PACE programs enable energy efficiency loans to be issued to property owners that are repaid as a line item on their tax bill. The press release on the bill from the Ygrene Energy Fund says that the law, AB 2693, mandates the loan administrator “accurately identifies important consumer issues with the program and prescribes on-point solutions that preserve PACE’s unique structure and benefits, while improving consumer disclosures and safeguards.”

The law is aimed at keeping consumers from overextending themselves by disclosure of special tax liens, the total amount of interest that will be changed and what requirements will be in case of a refinance or sale.

The Federal House Authority (FHA) began backing mortgages with PACE financing earlier this month.

The New Energy Future - Challenges and Opportunities in Corporate Energy Management
Sponsored By: Edison Energy

  
The Corporate Sustainability Professional's Guide to Better Data Management
Sponsored By: Urjanet

  
The EHS Guidebook: Selecting, Implementing, and Using EHS Software Solutions
Sponsored By: EtQ

  
How Tracking/Managing Energy Consumption Drives Real Cost Savings
Sponsored By: Digital Lumens

  

2 thoughts on “CA Governor Signs Bill Clarifying PACE Disclosures

  1. I literally wrote a letter to the editor yesterday about this issue. We just received our first statement and were shocked at the fees — 14% of the cost of the project. All the fees that nobody told us about including our pace identified contractor. This is timely and much needed. I wonder if there is any recourse for our new loan?!?

Leave a Comment

User Name :
Password :
 
If you've no account register here first time
User Name :
User Email :
Password :

Login Now