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PACE Bill Passes Missouri House

With the clock counting down to end of session in Missouri, the PACE bill (House Bill 215) made a significant leap forward last week with a vote of 99-42 in the Missouri House of Representatives. The bill now heads to the Senate where time is running out to get a vote in before the Missouri legislative session ends on May 17. However, after months of meeting and talking with lawmakers about the much-needed reforms to the Property Assessed Clean Energy (PACE) program, the House vote was a major accomplishment. 

House Bill 215, which is supported by credit unions and sponsored by Representative Bruce DeGroot (R-District 101), subjects PACE providers to both the Missouri Merchandising Practices Act and the Truth and Lending Act. House Bill 215 also establishes compliance measures, set by the Missouri Division of Finance, to conduct compliance exams every two years on PACE providers to make sure all laws, rules and regulations are being followed.  The bill also mandates that PACE providers notify financial institutions when a PACE loan, which is used for energy upgrades such as solar panels, etc., is being put into place on a property with a lien from that institution. 

“Thanks to everyone who spoke to lawmakers about PACE this year during visits to the Capitol and other HCUA sponsored events,” says Ian Dunlap, our director of Missouri legislative and political affairs. “Without you, we would not have been able to get the bill this far. Even though PACE reforms did not make it across the finish line this year, this issue is now primed and ready for the 2020 legislative session."   

If you have any questions regarding this issue, please contact Ian Dunlap, 800.392.3074 x1343.

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