Private administrators of government-backed loans for making homes more energy-efficient or prepared for disasters will have to abide by the same rules as mortgage lenders under a new Consumer Financial Protection Bureau rule.
The CFPB’s final rule issued Tuesday requires private companies that issue Property Assessed Clean Energy loans to determine whether borrowers can repay the loans, and directs them to provide disclosures so customers know exactly how much they’re paying.
The rule, mandated by a 2018 banking law (Public Law 115-174), applies only to PACE loans issued to residential properties.
“Today’s rule stops unscrupulous companies and salespeople ...
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