CA AB1551

Program administrators cannot execute PACE assessment contracts if the property is subject to a reverse mortgage or if the contract contains early repayment penalties.

Financing estimate and disclosure documents must be provided as printed paper copies in no smaller than 12-point type unless property owners opt out in writing, with electronic copies provided to those who opt out.

Program administrators must include in oral confirmations with property owners that they may repay amounts owed under assessment contracts before the due date without early repayment penalties.

Senior citizens receive a five-business day right to cancel assessment contracts instead of the standard three-business day period, effective January 1, 2021.

Property owners must receive translations of all contracts and disclosures in their preferred language before execution if the oral confirmation was conducted in a language other than English.