California Financing Law: Property Assessed Clean Energy program: commissioner composite report.

Existing law, the Property Assessed Clean Energy (PACE) program, authorizes public agency officials and property owners, as provided, to enter into voluntary contractual assessments, known as a PACE assessments, to finance the installation of distributed generation renewable energy sources or energy or water efficiency improvements that are permanently fixed to real property. Existing law, the California Financing Law, commencing on April 1, 2018, prohibits a program administrator administering a PACE program from approving a PACE assessment for funding and recording by a public agency unless the program administrator makes a reasonable good faith determination that the property owner has a reasonable ability to pay the PACE assessment, subject to specified factors. Under existing law, the program administrator may waive this good faith determination in the case of emergency or immediate necessity, as provided. Existing law requires the program administrator to report annually to the Commissioner of Business Oversight all PACE assessment contracts approved for funding and recording through this emergency or immediate necessity waiver. Existing law requires the commissioner to make and file annually with the Department of Business Oversight, as a public record, a composite of the annual reports, among other things, he or she deems to be in the public interest. This bill would require the commissioner to include the report from the program administrator, containing all PACE assessment contracts approved for funding and recording through the emergency or immediate necessity waiver, within the composite of the annual reports he or she is required to prepare.