The proposed bill, SB448, seeks to revamp Arkansas's Property Assessed Clean Energy (PACE) program by renaming it the "Property Assessed Capital Expenditure Act" and broadening its scope to include financing for energy efficiency improvements, alternative energy projects, building resiliency enhancements, and water conservation efforts. The bill introduces new definitions such as "capital provider," "eligible property," and "qualifying improvement," while modifying existing terms to reflect the focus on capital expenditures. It also establishes a governance structure for PACE districts, requiring a board of directors with at least seven members and mandating annual reporting to the county clerk on contracts, indebtedness, and board member information.

Furthermore, the bill outlines the processes for special assessments related to PACE financing, including the establishment of a special assessment lien that takes priority over most other claims, except for general property tax liens. It allows governmental entities to create direct PACE financing programs and mandates the adoption of ordinances detailing program boundaries and eligible improvements. The legislation also addresses the handling of delinquent payments and emphasizes the need for consent from mortgage lien holders before executing PACE assessment contracts, thereby enhancing consumer protections and clarifying the roles of all parties involved in the financing and assessment processes.

Statutes affected:
Old version SB448 Original - 3-12-2025 04:35 PM: 8-15-101, 8-15-105, 8-15-102, 8-15-103, 8-15-104, 8-15-106, 8-15-106(a), 8-15-107(a), 8-15-108, 8-15-113, 8-15-109, 8-15-110, 8-15-111, 8-15-112
Old version SB448 V2 - 3-31-2025 03:34 PM: 8-15-101, 8-15-105, 8-15-102, 03-31-2025, 8-15-103, 8-15-104, 8-15-106, 8-15-108, 8-15-109, 8-15-107(a), 8-15-113, 8-15-110, 8-15-111, 8-15-112
SB 448: 8-15-101, 8-15-105, 8-15-102, 8-15-103, 8-15-104, 8-15-106, 8-15-106(a), 8-15-107(a), 8-15-108, 8-15-113, 8-15-109, 8-15-110, 8-15-111, 8-15-112
Act 579: 8-15-101, 8-15-105, 8-15-102, 03-31-2025, 8-15-103, 8-15-104, 8-15-106, 8-15-108, 8-15-109, 8-15-107(a), 8-15-113, 8-15-110, 8-15-111, 8-15-112