This year marks the first anniversary of the October 7, 2023 terrorist attacks against Israel. 32 Americans died in those attacks, and four of the Americans taken hostage that day remain in captivity. U.S. Senator Marco Rubio (R-FL) released a video remembering the...
Following Hurricane Helene’s catastrophic damage throughout Florida’s gulf coast, U.S. Senator Marco Rubio (R-FL) met with the Florida Farm Bureau as well as local agricultural producers, farmers, and growers to discuss the storm’s impact. Photos are courtesy of...
Following Hurricane Helene’s catastrophic damage throughout Florida’s Gulf Coast, U.S. Senator Marco Rubio (R-FL) met with local officials and volunteers from the barrier islands to discuss the storm’s impact and current recovery efforts. Photos are courtesy of...
Hurricane Helene made landfall as a Category 4 storm, causing catastrophic damage along Florida’s Gulf Coast. It’s crucial for the federal government to expedite state-requested resources and authorize key policy flexibilities in order for Floridians to make a swift...
U.S. Senator Marco Rubio’s (R-FL) office will host two in-person events to assist constituents affected by Hurricane Helene and help navigate applications for FEMA assistance. Food, water, and additional resources will be available at the events. Event...
U.S. Senator Marco Rubio’s (R-FL) office will host in-person and virtual Mobile Office Hours next week to assist constituents with federal casework issues in their respective local communities. These office hours offer constituents who do not live close to one of...
Washington, D.C. – U.S. Senators Marco Rubio (R-FL), Tom Cotton (R-AR), and John Boozman (R-AR) will today introduce the Protecting Americans from Credit Exploitation (PACE) Act, legislation that would require disclosure for Property Assessed Clean Energy (PACE) loans that target low-income and elderly Americans with predatory home loans. Specifically, this bill would require Truth in Lending Act (TILA) disclosure for anyone attempting to peddle PACE loans.
“Residential PACE loans should have to play by the same rules as other forms of home financing,” said Rubio. “Americans deserve clear, straightforward policies from their government, not hidden political favors. Our legislation would address this and help provide the transparency necessary to create real consumer choice.”
“Residential PACE loans are a scam,” said Cotton. “Predatory green-energy lenders are changing state and local laws to trick seniors into taking out high-interest rate loans for 20 years, along with liens on their homes, for technology that could be obsolete in a few years. Today, these loans are exempt from the same disclosure forms required for other home loans. Our bill will fix this. Requiring disclosure will reduce the advantage that PACE loan sharks have over hard-working Americans. It’s just the accountability we need.”
“We must provide homeowners with the information they need to protect themselves so they don’t risk financial ruin because of their participation in the PACE loan program,” said Boozman. “I’m proud to support this legislation to prevent borrowers from being taken advantage of.”
PACE loans are a financing program that allows homeowners to pay for solar panels or other housing improvements through a lien paid back through property tax payments. The loans require no underwriting, have high fees, and rates of eight to 12 percent for 20 years for solar panels or other housing improvements that may be obsolete in a few years. PACE lenders receive first priority of repayment, in conjunction with property taxes, before mortgage brokers. Currently, there is no standardized rate or fee disclosure required for PACE loans and the CFPB has never clarified whether these loans fall outside TILA.