Property Assessed Clean Energy financing

(3) Regulations (A) In general The Bureau shall prescribe regulations to carry out the purposes of this subsection. (B) Revision of safe harbor criteria (i) In general The Bureau may prescribe regulations that revise, add to, or subtract from the criteria that define a qualified mortgage upon a finding that such regulations are necessary or proper to ensure that responsible, affordable mortgage credit remains available to consumers in a manner consistent with the purposes of this section, necessary and appropriate to effectuate the purposes of this section and section 1639b of this title , to prevent circumvention or evasion thereof, or to facilitate compliance with such sections. (ii) Loan definition The following agencies shall, in consultation with the Bureau, prescribe rules defining the types of loans they insure, guarantee, or administer, as the case may be, that are qualified mortgages for purposes of paragraph (2)(A), and such rules may revise, add to, or subtract from the criteria used to define a qualified mortgage under paragraph (2)(A), upon a finding that such rules are consistent with the purposes of this section and section 1639b of this title , to prevent circumvention or evasion thereof, or to facilitate compliance with such sections: (I) The Department of Housing and Urban Development, with regard to mortgages insured under the National Housing Act [ 12 U.S.C. 1701 et seq.]. (II) The Department of Veterans Affairs, with regard to a loan made or guaranteed by the Secretary of Veterans Affairs. (III) The Department of Agriculture, with regard loans guaranteed by the Secretary of Agriculture pursuant to section 1472(h) of title 42 . (IV) The Rural Housing Service, with regard to loans insured by the Rural Housing Service. (C) Consideration of underwriting requirements for Property Assessed Clean Energy financing (i) Definition In this subparagraph, the term “Property Assessed Clean Energy financing” means financing to cover the costs of home improvements that results in a tax assessment on the real property of the consumer. (ii) Regulations The Bureau shall prescribe regulations that carry out the purposes of subsection (a) and apply section 1640 of this title with respect to violations under subsection (a) of this section with respect to Property Assessed Clean Energy financing, which shall account for the unique nature of Property Assessed Clean Energy financing. (iii) Collection of information and consultation In prescribing the regulations under this subparagraph, the Bureau— (I) may collect such information and data that the Bureau determines is necessary; and (II) shall consult with State and local governments and bond-issuing authorities.

Source

15 USC § 1639c(b)(3)


Scoping language

In this subparagraph
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