To amend the Truth in Lending Act to include retrofit loans such as property assessed clean energy loans, and for other purposes.
Protecting Americans from Credit Entanglements Act of 2017 or the PACE Act of 2017
This bill amends the Truth in Lending Act to extend that Act's requirements to real property retrofit loans. A "real property retrofit loan" is a loan that is: (1) secured by an interest in real property; (2) repayable in installment payments made concurrently with the payment of property taxes on the real property; and (3) used to finance real property retrofits, including energy-efficiency upgrades, renewable-energy installations, seismic retrofits, water-conservation upgrades, and other similar improvements.
At the time of application for a real property retrofit loan, the creditor must disclose that the loan will result in a lien on the real property securing the loan.
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-56.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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