Regulators Bar Encino Contractor from Offering PACE Loans

A state regulator has barred contractor Eco Technology from offering PACE loans that fund water and energy efficient home improvements like low-flush toilets and solar panels.

Attorneys representing Eco Technology said the company denies all the allegations, including that it forged documents or impersonated homeowners.

Nick Brunner of law firm Plumtree and Associates called the department’s investigation “brief” and said PACE lenders bear the responsibility to make sure homeowners understand the financing.

PACE Loans

Maria Plumtree, of Plumtree and Associates, said prices for the home improvements were also set by the lenders and Eco Technology had stopped offering PACE before the order, because homeowners complained after they realized they’d have to pay interest — something Plumtree said Eco Technology wasn’t aware of.

The order did not name the PACE lenders Eco Technology worked with, but Brunner identified one as PACE Funding Group.

Read the full article in the LA Times…