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S.F. No. 1088 - Consumer Protections for Residential PACE Financing Programs Stakeholder Group (w/A-1 Amendment)
 
Author: Senator Eric R. Pratt
 
Prepared By: Carlon D. Fontaine, Senate Counsel (651/296-4395)
 
Date: March 6, 2017



 

Section 1 [Multifamily residential dwelling] adds a definition of multifamily residential dwelling.

Section 2 [Consumer Protections for Residential PACE Financing Programs] subdivision 1 [establishment] requires the commissioner of commerce to convene a stakeholder group to develop recommendations for consumer protection legislation for residential PACE financing programs.

Subdivision 2 [Stakeholder group] specifies membership of the group to include representatives from the Minnesota Association of Realtors, the Center for Energy and Environment, the Minnesota Bankers Association, the Legal Services Advocacy Project, the Minnesota Credit Union Network, the Minnesota Solar Energy Industry Association, the St. Paul Port Authority, the League of Minnesota Cities, the Association of Minnesota Counties, and an organization with experience implementing residential PACE programs in other states.

Subdivision 3 [Duties] provides duties for the stakeholder group to address consumer protections for residential PACE programs.

Subdivision 4 [Report to legislature] requires the commissioner to submit a report detailing the stakeholder group's findings and recommendations to the legislature by January 15, 2018.

Subdivision 5 [Suspension of residential PACE] prohibits operation of residential PACE programs until legislation is enacted establishing the consumer protections identified by the stakeholder group.

CDF/syl

 
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