California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 6 - California Financing Law
Article 15 - Pace Program Administrators
Section 1620.07 - Books and Records

Universal Citation: 10 CA Code of Regs 1620.07

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

(a) A program administrator shall maintain its books, records, and accounts physically at or digitally accessible from its main licensed location in California.

(b) The records required to be maintained shall, at a minimum, include the following:

(1) Records related to the business of a program administrator, including the following:
(A) A program administrator's financial statements prepared in accordance with generally accepted accounting principles.

(B) Administration agreements with public agencies.

(C) Agreements with PACE solicitors and PACE solicitor agents.

(D) Enrollment records for PACE solicitors and PACE solicitor agents, including records maintained pursuant to paragraph (h)(2) of section 1620.12 of these rules.

(E) Documentation of the background check of PACE solicitors and PACE solicitor agents, including records maintained pursuant to paragraph (c)(4) of section 1620.11 and paragraphs (b)(2), (c)(2), and (d)(2) of section 1620.13 of these rules.

(F) Documentation of the CSLB licensure or registration status of a PACE solicitor and PACE solicitor agent, to the extent it exists and is accessible, and if applicable, documentation supporting the reason that the PACE solicitor or PACE solicitor agent is not subject to licensure or registration with the CSLB, including records maintained pursuant to subparagraph (d)(1)(D) of section 1620.11 and subdivision (g) of section 1620.12 of these rules.

(G) Documentation of monitoring PACE solicitor and PACE solicitor agent compliance as required by subdivision (h) of section 1620.14 of these rules.

(H) Documentation of periodic reviews as required by paragraph (e)(2) of section 1620.15 of these rules.

(I) Documentation of PACE solicitor agent training under paragraph (c)(1) of section 1620.17 of these rules.

(2) Records related to each assessment contract, including the following:
(A) The assessment contract and, if signed or delivered electronically (or both), the property owner's consent to an electronic signature and electronic delivery.
1. If a signed copy is provided electronically to the property owner, evidence of receipt by the property owner.

2. If the assessment contract is signed electronically by the property owner, the audit trail related to the electronic signature.

(B) Any complaints and final decisions.

(C) Documentation of ability to pay for each assessment contract, including verification of a property owner's eligibility for an assessment contract.

(D) Oral confirmation of key terms records.

(E) Disclosures required by Streets and Highways Code sections 5898.16 and 5898.17 and, if provided electronically, documentation of the property owner's consent to receive the documents electronically, and evidence of receipt of the disclosures by the property owner.

(F) Evidence of the market value of the property at the time of the assessment contract, including the documentation required by section 1620.27 of these rules.

(G) A record of the estimated useful life of the measure with the greatest portion of funds disbursed under the assessment contract in accordance with subdivision (j) of Financial Code section 22684.

(H) The sources used to verify the criteria in Financial Code section 22864, if required under section 1620.29 of these rules.

(I) Documentation of the scope of work subject to PACE financing from the home improvement contract.

(J) Any correspondence with any other lienholder on the property.

(3) Any advertising used for direct marketing or provided to PACE solicitors for marketing, and any advertising submitted by, or approved for use by, a PACE solicitor.

(4) Records related to compliance with division 9, chapter 3.5 of the California Financing Law:
(A) Procedures for handling complaints.

(B) Procedures for enrolling, canceling enrollment of, and withdrawing agents and solicitors.

(C) Procedures for determining a property owner's ability to pay as required by section 1620.21 of these rules.

(D) Procedures for the periodic review of PACE solicitors.

(5) Original copies of documents uploaded to NMLS as part of the applicant's licensure application or uploaded for the purpose of maintaining licensure, if the document contains an original signature.

(c)

(1) A program administrator must maintain financial statements in subparagraph (b)(1)(A) for three years from the date of preparation.

(2) A program administrator must maintain the records in paragraphs (b)(1)(B) through (b)(1)(I) of this rule for three years from the date of the record, three years from the end of any agreement, or three years after the PACE solicitor or PACE solicitor agent is no longer enrolled, whichever is later.

(3)
(A) A program administrator must maintain the records in paragraph (b)(2)(A) for at least three years after the extinguishment of a PACE assessment is recorded.

(B) A program administrator must maintain the records in paragraphs (b)(2)(B) through (b)(2)(J) for at least five years after the consummation of a PACE assessment.

(4) A program administrator must keep advertising in paragraph (b)(3) for two years from the date of publication.

(5) A program administrator must maintain the records in paragraphs (b)(4) and (5) during the period of licensure.

1. New section filed 8-5-2021; operative 10-1-2021 (Register 2021, No. 32). Transmission deadline specified in Government Code section 11346.4(b) extended 60 calendar days pursuant to Executive Order N-40-20 and an additional 60 calendar days pursuant to Executive Order N-71-20. Filing deadline specified in Government Code section 11349.3(a) extended 60 calendar days pursuant to Executive Order N-40-20 and an additional 60 calendar days pursuant to Executive Order N-71-20.

Note: Authority cited: Section 22150, Financial Code. Reference: Sections 22157 and 22166, Financial Code; and Sections 5898.16, 5898.17 and 5913, Streets and Highways Code.

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