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California Financing Law: PACE program administrators
AB 2063 ensures that a program administrator cannot execute an assessment or home improvement contract, or start work on that home improvement contract that is financed by an assessment contract, unless and until the program administrator determines that the property owner has the ability to pay the annual payment obligations for the PACE assessment. This change in the timing of the formation of PACE contracts – conducting the underwriting before the homeowner signs the home improvement and financing contracts – is something that CLICC and its allies had sought for the past two years.
Signed by Governor
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