User login

PACE Bill Moves Forward

Rep.Bruce DeGroot (R-MO Dist. 101)
 

The PACE bill (House Bill 215), which is supported by credit unions and sponsored by Rep. Bruce DeGroot (R-MO District 101) took a major step forward last week. It was voted out of the House Rules-Legislative Oversight Committee 7-1. After sitting in the committee for approximately three weeks, we were finally successful in getting the bill to a vote. Since session began January 9, HB 215 has been a constant fight between financial institutions - who support increased oversight and regulations on these types of loans and PACE industries.

House Bill 215 modifies provisions relating to the Property Assessed Clean Energy (PACE) program in which PACE providers provide loans to consumers for energy upgrades (ex. solar panels). The house bill subjects the providers to both the Missouri Merchandising Practices Act and the Truth and Lending Act. With the bill now passed through both House Financial Institutions and Rules Committees, it is ready to make its way to the House floor for debate. In the Senate, it is expected that Senate Bill 173 (the senate companion bill) will be voted on by the Senate Local Government Committee within the next week or two. 

HCUA will continue to keep you updated on these two important bills. If you have any questions or concerns with any of these bills, please contact Ian Dunlap, 800.392.3074 x1343.