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CFPB RIN: 3170-AA84 Publication ID: Spring 2023 
Title: Property Assessed Clean Energy Financing 

Section 307 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) amended the Truth in Lending Act (TILA) to require the Bureau to prescribe regulations relating to "Property Assessed Clean Energy” (PACE) financing.  As defined in EGRRCPA section 307, PACE financing results in a tax assessment on a consumer’s real property and covers the costs of home improvements.  The required regulations must carry out the purposes of TILA’s ability-to-repay (ATR) requirements, currently in place for residential mortgage loans, with respect to PACE financing, and apply TILA’s general civil liability provision for violations of the ATR requirements the Bureau will prescribe for PACE financing.  The EGRRCPA directs that such requirements account for the unique nature of PACE financing and specifically authorizes the collection of data and information necessary to support a PACE rulemaking.  In March 2019, the Bureau issued an Advance Notice of Proposed Rulemaking (ANPRM) on PACE financing to facilitate the Bureau’s rulemaking process.  In April 2023, the Bureau issued a proposed rule to implement EGRRCPA section 307 and make other adjustments to Regulation Z to account for the unique nature of PACE financing

Agency: Consumer Financial Protection Bureau(CFPB)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
CFR Citation: 12 CFR 1026   
Legal Authority: 15 U.S.C. 1639c(b)(3)(C)   
Legal Deadline:  None
Action Date FR Cite
ANPRM  03/08/2019  84 FR 8479   
ANPRM Comment Period End  05/07/2019 
NPRM  05/11/2023  88 FR 30388   
NPRM Comment Period End  07/26/2023 
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: Undetermined 
Federalism: Undetermined 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Joel Singerman
Office of Regulations
Consumer Financial Protection Bureau
Washington, DC 20552
Phone:202 435-7700