FL H0669

Amends s. 163.08, F.S., to overhaul Florida's Property Assessed Clean Energy (PACE) qualifying improvement programs, establishing distinct definitions and requirements for residential property (four or fewer dwelling units) and commercial property (five or more units, industrial, agricultural, nonprofit, government, and other non-residential properties), with expanded qualifying improvements for commercial properties to include resiliency measures such as stormwater/flood improvements, shoreline improvements, and building elevation.

Requires local governments or program administrators to verify residential property owners' ability to pay by reviewing household income, housing expenses, assets, and debt obligations, capping the total debt-to-income ratio at 49 percent, and mandating use of at least one consumer credit report; also requires property owners to obtain at least two competitive estimates and prohibits financing for properties with reverse mortgages, recent bankruptcies (within 5 years unless discharged/dismissed 2+ years prior), or delinquent taxes.

Establishes mandatory consumer protections for residential financing agreements, including written disclosure forms with key terms, eight individually acknowledged disclosure statements (with the first in 24-point bold type warning about potential payoff requirements upon sale or refinance), a recorded oral confirmation telephone call in the owner's preferred language, and a 5-business-day right to cancel without financial penalty.

Limits residential non-ad valorem assessments to 20 percent of fair market value (established by certified appraisal), caps combined mortgage debt and assessments at 97 percent of fair market value, prohibits negative amortization, balloon payments, and prepayment fees, and requires commercial property financing agreements to obtain written consent from existing mortgage holders or loan servicers.

Imposes contractor oversight and marketing restrictions, prohibiting program administrators from enrolling as contractors or paying referral kickbacks, requiring background checks and licensing verification for enrolled contractors, barring disclosure of maximum financing amounts to contractors, and mandating annual public reporting by local governments on program metrics including defaults, complaints, and participation by homeowners age 60 and older, with reports due by April 1 each year.