S.838 - PACE Act of 2017115th Congress (2017-2018) |
|Sponsor:||Sen. Cotton, Tom [R-AR] (Introduced 04/05/2017)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 05/11/2017 Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-56. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.838 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (04/05/2017)
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.
Before extending a real property retrofit loan, the creditor must disclose that the loan will result in a lien on the real property securing the loan.