As previously reported, the Economic Growth, Regulatory Relief, and Consumer Protection Act (Act), enacted in 2018, directs the CFPB to prescribe regulations that apply Truth in Lending Act (TILA) ability-to-repay (ATR) requirements to Property Assessed Clean Energy (PACE) transactions, and apply the TILA civil liability provisions to violations of the requirements.… Continue Reading
CFPB issues proposed rule on PACE financing
By Richard J. Andreano, Jr. & Loran Kilson on
The Economic Growth, Regulatory Relief, and Consumer Protection Act (Act) directs the CFPB to prescribe Truth in Lending Act (TILA) ability-to-repay (ATR) rules for Property Assessed Clean Energy (PACE) financing. The CFPB recently issued a proposed rule that would require PACE creditors and PACE companies to consider a consumer’s ability to repay when issuing a new PACE loan, amend Regulation Z to address how it applies to PACE transactions, and adjust disclosure requirements to better fit PACE loans. … Continue Reading
CA Dept. of Financial Protection and Innovation uses new CCFPL authority to take enforcement action against individual and companies that advertised PACE financing and solicited consumers
By Ballard CFS Group on
The California Department of Financial Protection and Innovation (DFPI) announced last week that it has entered into a consent order that permanently bars James Berry and any company he owns or controls from soliciting customers for Property Assessed Clean Energy (PACE) financing and seeking future enrollment as a solicitor for PACE programs. … Continue Reading