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

Current through Register 2024 Notice Reg. No. 28, July 12, 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.