To amend the Truth in Lending Act to require Property Assessed Clean Energy financiers to receive the consent of mortgage holders and other lien holders before providing financing.
About This Bill
Committee
Latest Action · March 9, 2022
Referred to the House Committee on Financial Services.
Mortgage Borrower Protection Act of 2022
This bill requires an entity extending a Property Assessed Clean Energy (PACE) financing agreement to receive written consent from each owner of any residential mortgage loan or other recorded lien on the property before extending such financing to the dwelling owner. (PACE financing is used to cover the costs of home improvements such as energy-efficient improvements. The subsequent lien is tied to the specific property in the form of a tax assessment.)
Consent is not required if the PACE financing does not have priority over the mortgage loan or lien.
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