SB 973 — AN ACT CONCERNING A RESIDENTIAL SUSTAINABLE ENERGY PROGRAM.

General Assembly   RaisedSubstitute Bill No.

973 January Session, 2017   LCO*_____SB00973ET____032217____* No.AN ACT CONCERNING A RESIDENTIAL SUSTAINABLE ENERGY PROGRAM.

4614   *04614_______ET_* Referred to Committee on ENERGY AND TECHNOLOGY   Introduced by:

  (ET)   AN ACT CONCERNING A RESIDENTIAL SUSTAINABLE ENERGY PROGRAM.

NotwithstandingNo any other provision at law, no participating municipality shall be liable to or be recourse to any bondholder of the bank or the terms of any agreement between the bank and a property owner.

(I) NotwithstandingAny the forgoing, any benefit assessment levied pursuant to this section hasshall have a term not to exceed twenty-five years;

and [(4)] (3) Impose requirements and conditions on the [financing] funding to ensure timely repayment, including, but not limited to, procedures for placing a lien on [a] the qualifying residential real property as security for [which an owner defaults on] repayment of the governmental benefit assessment.

The form shall disclose all key financing terms of the assessment contract including, but not limited to, (A) the total amount funded including the cost of the installed improvements together with program fees and capitalized interest, if any, (B) the repayment process and schedule, (C) the payment amounts, (D) the term of benefit assessment, which shall not exceed the useful life of the improvements, (E) the fixed rate of interest charged, (F) a payment schedule that fully amortizes the amount funded, (G) the nature of the lien or obligation created upon recordation, (H) the improvements to be installed, (I) the right to withhold approval of payment until the project is complete, (J) the possibility that the benefit assessment may (i) remain on the property, or (ii) be required to be paid off if the property owner sells or refinances the property, (K) any other relevant state specific rights or notices, and (L) the following notice set forth in at least twelve-point bold type:

The"The benefit assessment described below will result in an assessment against your property which will be collected along with your property taxes and will result in a lien on your property.

You should read and review the terms carefully and, if necessary, consult with a tax professional or an attorney.attorney." (3) The bank shall develop a procedure to orally confirm the key terms of the assessment contract with the property owner prior to the execution of the contract, and to record the conversation in accordance with Connecticut law.

(3) The bank shall develop a procedure to orally confirm the key terms of the assessment contract with the property owner prior to the execution of the contract, and to record the conversation in accordance with Connecticut law.

(f) InThe addition to any requirements stated above, the bank shall adopt consumer protection standards with which it or any private, public or quasi-public third-party administrator shall demonstrate compliance before participating in the residential sustainable energy program.

(1) The bank shall require that any contractor installing qualified improvements hold a valid license from the Connecticut Department of Consumer Protection or be certified under the bank's residential solar installation programs;

Section 1 October 1, 2017 7-121n Statement of Purpose:Legislative Commissioners:

ToThroughout establishthe abill, statetechnical residentialcorrections sustainablewere energymade programto forconform theto purposestandard ofdrafting financingconventions. energy improvements.

[ProposedET deletionsJoint areFavorable enclosedSubst. in brackets.

Proposed-LCO additions  are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]