Pasco Tax Collector Mike Fasano, who has long been concerned with the weak consumer protections in Florida’s PACE (Property Assessed Clean Energy) Program, has submitted legislative proposals to the Pasco Legislative Delegation, Governor Ron DeSantis and House Speaker-Designate Chris Sprowls which, if adopted, will strengthen protections for those who participate in this home improvement program.
Last year Tax Collector Mike Fasano implemented local requirements that PACE providers in Pasco County agree to abide by customer disclosure standards if they want to do business in the county. The proposals Mr. Fasano has put forth would require amendments to Florida Statutes. The foundational change in the proposed legislation would require that state law differentiate between commercial and residential PACE programs, with a greater emphasis on consumer protections for residential participants. Additionally, the bill requires that a specific formula for determining a potential participant’s ability to repay the loan be used before the PACE loan is ever approved.
“There are Florida residents who enter into an agreement with a PACE vendor in hopes of improving their home, often their largest and in some cases only asset, only to find they have jeopardized the future security of that home,” states Tax Collector Mike Fasano. “When they realize that they are unable to pay the tax notice and repay the PACE loan as required by law, the outcome of delinquent taxes and possible foreclosure become a frightening reality.”
The letter includes a complete summary of the proposed bill and is very similar to the letter sent to the members of the Pasco County Legislative Delegation. Additionally, Mr. Fasano sent a letter to the five members of the Pasco Board of County Commissioners asking for their support of the proposed legislation.