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 1620.19 - Annual Report Data

Universal Citation: 10 CA Code of Regs 1620.19

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

(a) A program administrator shall by March 15 of each year report the following information for activity from the prior calendar year:

(1) The aggregate information required under Streets and Highways Code section 5954.

(2) The following additional information:
(A) The number of tax sales or foreclosures that were reported to the program administrator during the prior calendar year, on property subject to a PACE assessment initiated by the public agency, a program administrator, or any other person. Include the year of the assessment contract, the original amount of the assessment contract, the zip code, the amount owed upon the tax sale or foreclosure, the purchase price paid for the property at sale or auction, and the amount recovered by the program administrator.

(B) The aggregate average and median market value of property that is encumbered by mortgage-related and PACE assessments, at the time of the assessment contract, for all assessment contracts entered into during the prior calendar year on residential property.

(C) The number of PACE solicitors, and the number of PACE solicitor agents, enrolled by the program administrator as of December 31 of the prior calendar year.

(D)
1. For assessment contracts originated by a program administrator during the prior calendar year, the total number of assessment contracts with interest rates (i) up to 14.999 percent per year; (ii) at or above 15 percent but at or below 19.999 percent per year; (iii) at or above 20 percent but at or below 24.999 percent per year; (iv) at or above 25 percent but at or below 29.999 percent per year; (v) at or above 30 percent but at or below 34.999 percent per year; (vi) at or above 35 percent but at or below 39.999 percent per year; (vii) at or above 40 percent but at or below 69.999 percent per year; (viii) at or above 70 percent but at or below 99.999 per year; and (iv) at or above 100 percent per year.

2. For assessment contracts originated by a program administrator during the prior calendar year, the aggregate total fees and other charges assessed to the various property owners that were not included in the interest rate.

3. For assessment contracts originated by a program administrator during the prior calendar year, the total number of assessment contracts where the PACE solicitor paid the program administrator a portion of the assessment contract as a buydown fee, a contractor payment, seller's points, or as any other type of payment; the aggregate amount of the payments; and the average and median amount of the payments.

(E) The average and median term of the assessment contracts entered into in the prior year, in years.

(F)
1. The number of PACE assessments that were funded and recorded under the emergency procedures in Financial Code section 22687, subdivision (e) the prior year, by zip code, and the number of HVAC systems, boilers, or other temperature regulation systems funded not in the case of emergency or immediate necessity, by zip code.

2. The number of PACE assessments that were funded and recorded under the emergency procedures in Financial Code section 22687, subdivision (e) the prior year by type of improvement, and the average cost of each type of improvement.

(G) For all PACE assessments 12 months or more delinquent on December 31 of the prior year, provide the following information:
1. The number of PACE assessments above the 97 percent cap on total PACE and mortgage-related debt at the time the assessment contract was entered into; the number of PACE assessments at or below the 97 percent cap on total PACE and mortgage-related debt, but above 87 percent, at the time the assessment contract was entered into; and the number of PACE assessments where the PACE and mortgage related debt of the property owner was below 87 percent of the value of the property at the time the assessment contract was entered.

2. The number of PACE assessments for which an automated valuation model was used to determine the market value of the property subject to the PACE assessment; the number of PACE assessments for which an appraisal was conducted to determine the market value of the property subject to the PACE assessment; and the number of PACE assessments where a property valuation was not obtained, if any.

3. The number of PACE assessments involving a case of emergency or immediate necessity under Financial Code section 22687, subdivision (e), where the program administrator did not determine and consider the current and reasonably expected income or assets of the property owner prior in accordance with Financial Code section 22687, subdivision (b).

4. The average and median residual income of the property owners upon entering into the assessment contract, at the time the assessment contracts were entered into.

(H) Updates of information required to be disclosed under section 1409 of these rules on officers, directors, managing members, or other key personnel, and information on the gross income of the program administrator for purposes of the annual assessment under Financial Code section 22107.

(I) The number of PACE assessments canceled within three or five days, as applicable, as provided under Streets and Highways Code section 5898.16.

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 22107, 22159, 22687 and 22692, Financial Code; and Section 5898.16, Streets and Highways Code.

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