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§ 10081. Application by PACE Program to the PACE Loss Reserve.

4 CA ADC § 10081Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 4. Business Regulations
Division 13. California Alternative Energy and Advanced Transportation Financing Authority
Article 4. Pace Loss Reserve Program
4 CCR § 10081
§ 10081. Application by PACE Program to the PACE Loss Reserve.
Currentness
A PACE Program seeking to participate in the PACE Loss Reserve Program shall complete an application that shall include the following information:
(a) The formation documents required pursuant to:
(1) Streets and Highways Code Sections 5898.20-5898.22, and 5898.24; or,
(2) Chapter 2.5 (commencing with Section 53311) of Part 1 of Division 2 of Title 5 of the Government Code; or,
(3) In the case of a charter city, a copy of a resolution or other document adopted by the city's governing board evidencing approval of the PACE Program.
(b) If not included in the documentation required in subdivision (a) above, documents showing that the PACE Program requires that property owners can show all of the following as part of the financing underwriting process:
(1) All property taxes for the assessed property are current for the previous three years or since the current owner acquired the property, whichever period is shorter.
(2) The property is not subject to any involuntary lien in excess of $1,000.
(3) The property is not subject to any notices of default.
(4) The property owner is not in bankruptcy proceedings.
(5) The property owner is current on all mortgage debt.
(6) The party seeking financing is the holder of record on the property.
(7) The property is within the geographical boundaries of the PACE Program.
(8) The Financing is for a residential property of three units or fewer.
(9) The Financing is for less than fifteen percent (15%) of the value of the property, up to the first seven hundred thousand dollars ($700,000) of the value of the property, and is for less than ten percent (10%) of the remaining value of the property above seven hundred thousand dollars ($700,000).
(10) The total mortgage-related debt and PACE Financing on the underlying property does not exceed the value of the property.
(c) If not included in the documentation required in subdivision (a) above, a detailed description of:
(1) The transactional activities associated with the Financing issuance, including all transactional costs; and,
(2) Requirements for quality assurance and consumer protection, as related to achieving efficiency and clean energy production; and,
(3) Any credit enhancement or insurance associated with the PACE Program.
(d) A summary of the PACE Program's existing residential Financing portfolio certified pursuant to Section 10087 as of the date of application. The summary shall include the following information:
(1) The total number of Financings in the portfolio.
(2) The total value of the portfolio.
(e) The PACE Program's agreement to permit an audit of any of its records relating to enrolled Financings, during normal business hours on its premises, by the Authority or its agents, and to supply such other information concerning enrolled Financings as shall be requested by the Executive Director.
(f) Upon receipt of a completed application, the Executive Director will within ten business days review and determine whether the application is complete, or whether additional information is required to enroll the PACE Program. The Executive Director's decision whether an application is complete shall be final.

Credits

Note: Authority cited: Section 26009, Public Resources Code. Reference: Sections 26050, 26050.5, 26052, 26055, 26061, 26062 and 26063, Public Resources Code.
History
1. New section filed 3-10-2014 as an emergency; operative 3-10-2014 (Register 2014, No. 11). A Certificate of Compliance must be transmitted to OAL by 9-8-2014 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 9-8-2014 as an emergency; operative 9-8-2014 (Register 2014, No. 37). Pursuant to Public Resources Code section 26009, this filing is conclusively presumed to be necessary for the immediate preservation of the public peace, health, safety, or general welfare within the meaning of Government Code section 11346.1. A Certificate of Compliance must be transmitted to OAL by 12-8-2014 or emergency language will be repealed by operation of law on the following day.
3. New section refiled 12-5-2014 as an emergency; operative 12-5-2014 (Register 2014, No. 49). Pursuant to Public Resources Code section 26009, this filing is conclusively presumed to be necessary for the immediate preservation of the public peace, health, safety, or general welfare within the meaning of Government Code section 11346.1. A Certificate of Compliance must be transmitted to OAL by 3-5-2015 or emergency language will be repealed by operation of law on the following day.
4. Amendment of subsections (b)(8)-(9), new subsection (b)(10), and amendment of subsections (c)-(e) filed 12-15-2014 pursuant to section 100(a)(6), title 1, California Code of Regulations; operative 1-1-2015 pursuant to section 100(a)(6), title 1, California Code of Regulations (Register 2014, No. 51).
5. Certificate of Compliance as to 12-5-2014 order transmitted to OAL 2-25-2015 and filed 4-6-2015 (Register 2015, No. 15).
This database is current through 4/12/24 Register 2024, No. 15.
Cal. Admin. Code tit. 4, § 10081, 4 CA ADC § 10081
End of Document