PACE Program Administrators
Starting January 1, 2019, the Department of Business Oversight will license Property Assessed Clean Energy (PACE) program administrators and regulate the PACE industry.
Invitation For Comments
4/19/18 – PRO 02/17 – Property Assessed Clean Energy (PACE) Program Administrators
Comment Period Ends: June 8, 2018.
12/30/17 - PRO 02/17 – Property Assessed Clean Energy (PACE) Program Administrators
Comment Period Ends: January 5, 2018.
- On December 1, the DBO held a workshop with interested persons to gather information on needed regulations for the effective oversight of PACE program administrators (Govt. Code, § 11346, subdivision (b)). The DBO is in the process of drafting regulations to implement the new law and seeks comments from interested parties prior to initiating a formal rulemaking action with the Office of Administrative Law.
Summary of Operative Dates
- Summary of the Operative Dates and Provisions of AB 1284 (Chapter 475, Statutes of 2017) and SB 242 (Chapter 484, Statutes of 2017).
The Summary of Operative Dates is not an exhaustive list, but is intended to provide a general overview for compliance. A program administrator should review the law to ensure compliance with the specific requirements on the dates they become operative. A PACE program administrator must comply with the law upon its operative date. The Department will review a program administrator’s compliance with the law as of its operative date during the licensing process, during regulatory examinations, and as part of investigations and enforcement actions, where applicable.
On October 4, 2017, Governor Brown signed AB 1284 (Chapter 475, Statutes of 2017). The bill renames the California Finance Lenders Law the California Financing Law. This change became effective upon signing, and sets forth a licensing scheme for Property Assessed Clean Energy (PACE) program administrators. A “program administrator” is a person administering a PACE program on behalf of a public agency. (Fin. Code, § 22018.) A PACE program provides financing for the installation of energy-efficiency improvements on real property with funding repaid through property tax assessments, as authorized by specified laws. (Fin. Code, § 22016.)