Cal. Fin. Code § 22686
Program Administrators
Redline — January 1, 2017 → current.View current text →
Current — January 1, 2019
As of January 1, 2017
A program administrator shall not approve for funding, and recordation by a public agency, an 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.
A program administrator shall not execute an assessment contract, and no work shall commence under a home improvement contract that is financed by that assessment contract nor shall that home improvement contract be 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.
Notwithstanding Section 22696, this section shall become operative on April 1, 2018.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.