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News & Press: Sacramento Report

PACE Regulations Forthcoming

Tuesday, November 21, 2017  
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Governor Brown recently signed legislation establishing the nation’s most extensive set of consumer protections for California homeowners who finance energy-efficiency improvements through the Property Assessed Clean Energy, or PACE program. The Department of Business Oversight (DBO) oversees the new law and will be drafting regulations to implement the law. The law’s new consumer protections are intended to benefit the public by providing more transparent financing and the licensing PACE program administrators.

Prior to initiating a formal rulemaking action, the DBO is holding a meeting in early December to engage stakeholders and solicit initial comments. The CLTA plans to attend the meeting to support regulations that prevent deceptive practices and the targeting of vulnerable consumers who happen to have equity in their homes. The CLTA has consistently warned of the dangers posed to homeowners that often are only understood when the homeowner attempts to sell or refinance their home. The DBO will solicit written comments after the meeting with more targeted topics. Throughout the next year, there will be continued opportunities for input in the rulemaking process.

California Land Title Association

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