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ARTICLE · 25 MAY 2023

The CFPB's Steady PACE To Regulate Property Assessed Clean Energy Financing

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On May 1, 2023, the Consumer Financial Protection Bureau ("CFPB" or "Bureau") issued a proposed rule that would require companies offering Property Assessed Clean Energy ("PACE") loans to consider...

United StatesConsumer Protection
Francis L. Doorley
Francis L. Doorley
Joy Tsai
Joy Tsai
Steven Kaplan
Steven Kaplan
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On May 1, 2023, the Consumer Financial Protection Bureau ("CFPB" or "Bureau") issued a proposed rule that would require companies offering Property Assessed Clean Energy ("PACE") loans to consider a consumer's ability to repay as well as provide consumer disclosures on the cost of credit similar to those used in connection with residential mortgage loans.1 If the Bureau adopts its proposed rule, PACE loans may be subject to regulation akin to a traditional closed-end residential mortgage loan under the federal Truth in Lending Act ("TILA") and its implementing Regulation Z. This proposed rule fulfills Congress's mandate under the 2018 Economic Growth, Regulatory Relief, and Consumer Protection Act ("EGRRCPA") directing the Bureau to issue rules applying TILA's ability to repay and civil liability provisions to PACE financing. The proposed rule follows the Bureau's initial advance notice of proposed rulemaking issued over four years ago.2

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