HB 17-1363

House Bill 17-1363, which has been signed into law, changes a Colorado program that helps homeowners finance energy efficiency improvements. Under this program, homeowners usually need to file paperwork and attend a hearing if they want their new loan to be considered less important than existing loans on the property. However, the bill now allows homeowners to skip these steps if there's no need to change the order of priority among existing loans. This makes it easier for some homeowners to get financing without extra hassle. Since the bill has been signed, it is now law and affects anyone using this program in Colorado.

Official Summary

Current law authorizes a homeowner to finance certain energy efficiency improvements to the home through a loan pursuant to the property assessed clean energy (PACE) program. The program requires an applicant to file a title commitment on the home and a hearing must be held in order to seek a voluntary subordination of existing liens to the program's junior lien. The bill exempts a homeowner from the title commitment and hearing requirements if the owner or lender is not seeking to subordinate the priority of existing liens. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

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