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News & Press: Industry News

CLTA Leads in Supporting PACE Changes

Tuesday, May 16, 2017  
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The CLTA has been at the forefront of seeking consumer protections for Californians obtaining PACE financing and encouraging protections at the federal level. Recently, ALTA and more than two dozen other industry trade groups announced support for federal legislation that would modify consumer protection requirements for Property Assessed Clean Energy (PACE) loans.  California Congressional representatives have taken the lead with the introduction of House Resolution 1958 by Reps. Brad Sherman (D-Calif.) and Ed Royce (R-Calif.).  Senate Bill 838 was introduced by Sens. John Boozman (R-Ark.), Tom Cotton (R-Ark.) and Marco Rubio (R-Fla.).  Both bills are titled the Protecting Americans from Credit Entanglements Act of 2017.

PACE loans are a financing program that allows homeowners to pay for solar panels or other housing improvements, such as air conditioning and window insulation, through a lien paid back through property tax payments. The legislation in Congress recognizes that residential PACE loans are a form of mortgage financing and should be subject to federal consumer protection requirements such as the Truth in Lending Act.

California Land Title Association

1215 K Street #1816 Sacramento, CA 95814-3905
Email:  |  Phone: 916-444-2647  |   Fax: 916-444-2851