Section 1620.29 - Commercially Reasonable(a) The verification of criteria for submitting, presenting, or otherwise approving for recordation an assessment contract under subdivision (l) of Financial Code section 22684 is "commercially reasonable and available" in the following circumstances. (1) The verification relied on public records, including property tax records, county assessor records, court filings, and information made available on government websites.(2) The verification relied on information supplied in credit reports prepared by national credit reporting agencies.(3) The verification relied on the market value of property determined in compliance with subdivision (a) of Financial Code section 22685.(4) The verification relied on mortgage statements.(b) If the program administrator does not verify the criteria in Financial Code section 22684 through the commercially reasonable and available sources identified in subdivision (a), the program administrator shall identify the source of the information in the records related to the assessment contract maintained under section 1620.07 of these rules. This paragraph shall not be applicable to any criteria where Financial Code section 22684 requires or authorizes the verification directly with the property owner.(c) Property tax payment histories are a commercially reasonable and available method to verify some of the criteria in Financial Code section 22684 and a program administrator shall use these records as one source of verification unless the payment tax history is unavailable at the time or Financial Code section 22684 authorizes verification directly from the property owner.(d) The verification shall include confirmation with the PACE solicitor that the PACE solicitor has notified the program administrator of any other PACE assessment on the property known to the PACE solicitor.(e) The verification methods identified in this rule are non-exhaustive and permissive.Cal. Code Regs. Tit. 10, § 1620.29
1. New section filed 8-5-2021; operative 10-1-2021 (Register 2021, No. 32). Transmission deadline specified in Government Code section 11346.4(b) extended 60 calendar days pursuant to Executive Order N-40-20 and an additional 60 calendar days pursuant to Executive Order N-71-20. Filing deadline specified in Government Code section 11349.3(a) extended 60 calendar days pursuant to Executive Order N-40-20 and an additional 60 calendar days pursuant to Executive Order N-71-20. Note: Authority cited: Section 22150, Financial Code. Reference: Section 22684, Financial Code.
1. New section filed 8-5-2021; operative 10/1/2021 (Register 2021, No. 32). Transmission deadline specified in Government Code section 11346.4(b) extended 60 calendar days pursuant to Executive Order N-40-20 and an additional 60 calendar days pursuant to Executive Order N-71-20. Filing deadline specified in Government Code section 11349.3(a) extended 60 calendar days pursuant to Executive Order N-40-20 and an additional 60 calendar days pursuant to Executive Order N-71-20.