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Missouri PACE Legislation Moves to Rules and Oversight Committee

Missouri credit union supported legislation saw success this past week when the Missouri House Financial Institutions Committee voted to move House Bill 215 out of committee. HB 215, sponsored by Rep. Bruce DeGroot, modifies provisions relating to the Property Assessed Clean Energy (PACE) program, where PACE providers provide loans to consumers for energy upgrades (such as solar panels).

Before the vote, committee members demonstrated they felt further restrictions beyond the original bill were needed in order to protect consumers. They inserted two provisions that subjects PACE providers to both the Missouri Merchandising Practices Act (MMPA) and the Truth in Lending Act (TILA). The committee then passed the bill by a 10-1 vote. House Bill 215 now moves to the House Rules-Legislative Oversight Committee for further consideration. Our advocacy team is working with lawmakers members from this committee to keep the bill moving.

NOTE: If you have any examples where credit union members have been taken advantage of, please share them with Ian Dunlap, Missouri director of legislative & political affairs. 

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