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HR 1958 115th Congress House Finance and Financial Sector Alternative and renewable resources Consumer credit Energy efficiency and conservation Housing finance and home ownership Residential rehabilitation and home repair Water use and supply

PACE Act of 2017

Introduced: April 5, 2017 Introduced by: Sherman, Brad Democratic · California See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 5, 2017
Referred to the House Committee on Financial Services.
Apr 5, 2017
Introduced in House
 Plain-English summary Congressional Research Service

Protecting Americans from Credit Entanglements Act of 2017 or the PACE Act of 2017

This bill amends the Truth in Lending Act to extend that Act's requirements to real property retrofit loans. A "real property retrofit loan" is a loan that is: (1) secured by an interest in real property; (2) repayable in installment payments made concurrently with the payment of property taxes on the real property; and (3) used to finance real property retrofits, including energy-efficiency upgrades, renewable-energy installations, seismic retrofits, water-conservation upgrades, and other similar improvements.

At the time of application for a real property retrofit loan, the creditor must disclose that the loan will result in a lien on the real property securing the loan.

What's happening now April 5, 2017

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1