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PACE clean-up bill keeps moving

PACE clean-up bill keeps moving

SB 1087 by Senator Richard Roth (D-Riverside) is a transparency bill that would require disclosure of information held by the Department of Business Oversight about alleged misconduct of finance lenders for clean energy home improvements.

CNPA is working on SB 1087 to delete a secrecy provision hurriedly added to the law at the end of the legislative session last year. The Property Assessed Clean Energy or PACE program has been the subject of scrutiny for its loan terms and structure. Consumer advocates argue that overzealous loan solicitors have enrolled borrowers in loans they can’t afford, and which could ultimately lead to a home foreclosure if the borrower is delinquent.

The bill continues through the process with no “no” votes, 7-0, out of the Assembly Local Government Committee, and now faces a vote in the Assembly Banking and Finance Committee.