SB 1858 Summary

• Establishes comprehensive regulatory framework for qualifying improvements financing programs, defining terms including "facility," "residential property," "non-residential property," "program administrator," and "qualifying improvements program."

• Restricts ancillary work funding to costs not exceeding the cost of the individual qualifying improvement and directly related to its installation and safe operation.

• Requires program administrators to verify property owner ability to pay annual assessments for residential properties by reviewing household income, housing expenses, assets, and debt obligations using reasonably reliable third-party records or automated verification systems.

• Mandates written disclosures to residential property owners with specific acknowledgments regarding property sale/refinance payoff requirements, prepayment penalties, utility savings guarantees, property tax liens, and a 3-day cancellation right.

• Requires annual public reporting on program websites containing data on funded improvements, assessment amounts, default rates, energy savings, renewable energy production, greenhouse gas reductions, jobs created, and percentage of homeowners aged 60 or older.