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Missouri House Committee Hears PACE Bill – Examples Requested

House Bill 215, the Property Assessed Clean Energy (PACE) bill, took center stage in a House Financial Institutions Committee hearing last week. Missouri credit union leaders shared support for increased consumer protections included in the bill during meetings at Day at the Capitol, and Ian Dunlap, HCUA Director of Missouri Legislative and Political Affairs, testified in support during the hearing. PACE providers oppose this bill. There were many supporters and opponents who took part in the hearing. 

The PACE program was implemented in 2010 through state statute, and allows PACE loans to be issued by a PACE provider for energy efficiency projects (such as solar panels). These loans are attached to the property rather than to the individual owning the property, and currently do not face the same regulatory oversight as loans at financial institutions. House Bill 215 attempts to add additional compliance measures to this program. If passed, HB 215 would:

  • Mandate that PACE providers be licensed through the Missouri Division of Finance in order to provide residential PACE loans.
  • Ensure regulatory oversight will be through the Missouri Division of Finance and each PACE provider will be examined at least once every two years.
  • Give the Missouri Division of Finance authority to investigate any consumer complaint that is made against a PACE provider.
  • Require that PACE Boards or a PACE Program Administrator provide notification to the original lien holder that a PACE loan is going to be put in place. (This is currently not required.)

HCUA will continue to work to keep this bill moving. It must be voted out of committee to go to the House floor for debate.

If you have stories or examples of members impacted by the PACE program, contact Ian Dunlap at 573.316.5266.

 

 

 

 

 

 

 

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