On Apr. 14, ARK LEG bill for financing of energy, other improvements.
ARK LEG enacted bill SB 448 to authorize financing of energy efficiency improvements, and alternative energy, building resiliency, and water conservation improvements.
Measure amended the Property assessed clean energy (PACE) act, updated name of the act to Property assessed capital expenditure (PACE) act, under ARK LEG 8-15.
Bill Provisions
Property assessed capital expenditure act issued to create jobs, retain wealth, and grow Arkansas' economy by enabling property assessed capital expenditure financing.
Provided/amended definitions of bond,capital provider, eligible property, financing agreement, program administrator, special assessment, Qualifying improvement.
Authorized financing of energy efficiency and alternative energy improvements.
Also building resiliency improvements and water conservation improvements.
Addressed district board of director appointment and terms, minimum 7 members.
Addressed PACE program special assessment, provision of them to capital providers.
Further, addressed requirements for the recording of special assessment liens.
Legislative History
On Mar. 12, 2025, bill was introduced in Senate; on Apr. 1, 2025, bill passed Senate.
On Apr. 1, 2025, bill was introduced in House; on Apr. 8, 2025, bill passed House.
On Apr. 9, 2025, bill was delivered to governor; on Apr. 14, 2025, bill became Act 579.
Effectiveness
Act effective 91 days after legislature adjourned sine die (May 5), so Aug. 4, 2025.
Regulators
ARK LEG
Entity Types
Bank; MG Orig; Servicer
Reference
Bill SB448, Act 579, PR, 4/14/2025; ESG; Citation: ARK LEG 8-15;
