New California Bill Further Strengthens Borrow Protections in PACE Lending
October 9, 2017
New California bill further strengthens borrow protections in Property Assessed Clean Energy (PACE) lending. SB 242 was enacted in California that places a series of new requirements on PACE program administrators. These are third party administrators retained by public agencies to run the agency’s PACE program. Concerns have arisen because contractors who desire to perform the property improvements are also arranging the financing. SB 242 imposes a series of requirements intended to ensure that property owners understand the obligations that they are undertaking.
See CBA’s Regulatory Compliance Bulletin for more information.