§ 111.05. CONSUMER PROTECTION.

(A)

Property owner . Only the record owner of the property may enter into a financing agreement with a PACE program.

(B)

Consumer notice . In addition to any statutory disclosure requirements the program administrator shall ensure that each property owner is provided with a separate, written notice disclosing each of the following

(1)

The estimated total amount of the debt, including amount financed, fees, fixed interest rate, capitalized interest and the effective rate of the interest charged (annual percentage rate );

(2)

The 3-day right to cancel the financing;

(3)

A repayment term that does not exceed the average expected useful life of the improvements;

(4)

The repayment process and terms, amounts and a schedule that fully amortizes the amount financed including the estimated annual assessment amount;

(5)

Identification of any pre-payment fees or penalties;

(6)

That there is no representation that the property improvements to be financed will increase the overall value of the property;

(7)

That there is no discount for paying the PACE assessment early;

(8)

That the PACE assessment will appear on the property owner's tax bill;

(9)

The nature of the lien recorded and that the PACE assessment will be collected in the same manner as real estate taxes, that failure to pay the PACE assessment may cause a tax certificate to be issued against the property, and that failure to pay may result in the loss of the property subject to the PACE assessment in the same manner as failure to pay property taxes;

(10)

The specific improvements to be financed and installed;

(11)

Notice that the property owner may be required to pay any PACE assessment in full at the time of refinance or sale of the property.

(C)

The consumer notice described in this section must be delivered to the property owner by the program administrator, and must be signed and dated by the property owner prior to or contemporaneously with the property owner's signing of any legally enforceable documents under the PACE program.

(D)

Protected classes . The PACE program and the program administrator shall not discriminate on the grounds of race, color, religion, sex, gender identity or expression, genetic information, national origin, age, disability, familial status, marital status, or sexual orientation. Additionally, The PACE program and the program administrator shall specifically develop and implement a program that validates the understanding of the PACE program and the terms of such financing by any property owner who is sixty-five (65) years of age or older.

(E)

Funding . The PACE program shall require compliance with each of the following conditions prior to the issuance of any funding to the contractor:

(1)

Any necessary permits have been obtained;

(2)

Verification that the appropriate financed products and improvements have been installed; and

(3)

The property owner and the contractor have signed a certificate of completion that all improvements have been installed to the property owner's satisfaction.

(F)

Consumer privacy . The PACE program shall have and maintain a privacy policy that complies with state and federal law and, in particular, shall provide a property owner the ability to opt-out of having the property owner's information shared with third parties, except where expressly permitted by state and federal law.

(G)

Data Security . The Pace program shall be responsible for taking security measures that protect the security and confidentiality of property owner records and information in proportion to the sensitivity of the information, and as may be required by state and federal law.

(Ord. No. 13-17 , § 2(Exh. A), passed 5/2/17)