California Financial Code

§ 22693

FIN § 22693 Effective Jan 1, 2019Div. 9 · Ch. 3.5

Statute text

(a)The commissioner may, by rule, require a program administrator to use a real-time registry or database system for tracking PACE assessments in order to carry out his or her regulatory duties and to support enforcement. That registry or database system shall enable the program administrator to trace PACE assessments and shall include, but not be limited to, features for providing or obtaining information about a property’s status with regard to PACE assessments placed on the property, whether recorded or not. All costs associated with the real-time registry or database system shall be apportioned among licensed program administrators based on the volume and amount of PACE assessments by each program administrator, or any other method that fairly apportions the costs, as required by rule. The commissioner may contract with an independent third party for the development and ongoing maintenance and support of the real-time registry or database system, and may require the program administrators to pay for the cost of development and ongoing maintenance and support directly to the independent third party. In no event shall the costs apportioned to a program administrator exceed a reasonable regulatory cost.

(b)On or before January 1, 2020, the commissioner shall determine whether to proceed with a rulemaking action. This subdivision shall not restrict the ability of the commissioner to proceed with a rule under this section at any time.

Legislative history

Amended by Stats. 2018, Ch. 813, Sec. 13. (AB 2063) Effective January 1, 2019.