§ 39-26.5-11. Rules and regulations. (a) The Rhode Island infrastructure bank shall consult with the office of energy resources to promulgate rules and regulations, in accordance with this section, and in accordance with chapter 35 of title 42. Such rules and regulations should ensure that the PACE program does not adversely affect the implementation of any other energy program in whose coordination the Rhode Island infrastructure bank or the office of energy resources is involved. Such rules and regulations shall include, but not be limited to, the following:

(1) The necessary application requirements and procedures for any residential property owner or commercial property owner seeking PACE financing;

(2) The necessary qualifications and requirements for a proposed PACE project;

(3) The underwriting criteria to be applied in determining the eligibility of properties and property owners for PACE projects; and

(4) Requirements that all existing lien holders on a property be given notice prior to a PACE assessment and lien being filed in connection with that property and that all commercial property owners seeking a commercial PACE loan receive consent of the existing mortgage holders on that property prior to being eligible.

(b) The Rhode Island infrastructure bank shall be responsible for promulgating agreements, forms, and other documents necessary for the efficient administration of the PACE program.

History of Section. (P.L. 2013, ch. 271, § 1; P.L. 2013, ch. 361, § 1; P.L. 2015, ch. 141, art. 14, § 9; P.L. 2017, ch. 480, § 3.)