Senate Bill 838
115th Congress(2017-2018)
PACE Act of 2017
Introduced
Introduced in Senate on Apr 5, 2017
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
838
Congress
115
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
No Senate votes have been held for this bill.
Summary
Protecting Americans from Credit Entanglements Act of 2017 or the PACE Act of 2017
This bill amends the Truth in Lending Act to extend that Act's requirements to real property retrofit loans. A "real property retrofit loan" is a loan that is: (1) secured by an interest in real property; (2) repayable in installment payments made concurrently with the payment of property taxes on the real property; and (3) used to finance real property retrofits, including energy-efficiency upgrades, renewable-energy installations, seismic retrofits, water-conservation upgrades, and other similar improvements.
Before extending a real property retrofit loan, the creditor must disclose that the loan will result in a lien on the real property securing the loan.
April 5, 2017
05/11/2017
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-56.
04/05/2017
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
04/05/2017
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:36:59 PM