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SB-1224 Property Assessed Clean Energy program.(2019-2020)

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Date Published: 02/20/2020 09:00 PM
SB1224:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2019–2020 REGULAR SESSION

Senate Bill
No. 1224


Introduced by Senator Dahle

February 20, 2020


An act to amend Section 22686 of the Financial Code, relating to financial institutions.


LEGISLATIVE COUNSEL'S DIGEST


SB 1224, as introduced, Dahle. Property Assessed Clean Energy program.
Existing law, known commonly as the Property Assessed Clean Energy (PACE) program, authorizes a public agency, by making specified findings, to authorize public agency officials and property owners to enter into voluntary contractual assessments to finance the installation of distributed generation renewable energy sources or energy or water efficiency improvements that are permanently fixed to real property. The law prohibits a program administrator, as defined, from executing an assessment contract or commencing work under or executing a home improvement contract that is financed by that assessment contract, unless the program administrator makes a reasonable good faith determination that the property owner has a reasonable ability to pay the annual payment obligations for the PACE assessment.
This bill would make nonsubstantive changes to those provisions.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 22686 of the Financial Code is amended to read:

22686.
 A program administrator shall not execute an assessment contract, and no work shall not commence under a home improvement contract that is financed by that assessment contract nor shall that home improvement contract be executed executed, unless the program administrator makes a reasonable good faith determination that the property owner has a reasonable ability to pay the annual payment obligations for the PACE assessment.