The Sunshine on Solar Lending Act would amend the Truth in Lending Act to require written disclosures for loans that finance solar energy systems and related costs. Disclosures would cover fees, third parties involved, and a comparison of the financed amount with cash prices for products and services. In-person transactions would require a paper copy. The bill would also bar required arbitration or other nonjudicial procedures for resolving disputes over these transactions. It would apply to transactions entered into on or after its effective date, no later than 60 days after enactment. The bill was introduced and referred to the House Committee on Financial Services.
If enacted, people financing solar panels, batteries, charging stations, related infrastructure, or associated services would receive disclosures about fees and prices. For transactions negotiated in person, they would receive a paper copy. Financing terms could not require arbitration or another nonjudicial procedure to resolve disputes.
The bill does not state the cost of complying with its requirements or provide estimates of costs to consumers. No publicly available information.
The bill's stated purpose is to make solar financing fees clearer and ensure consistent treatment of certain fees as finance charges. Its findings say this could improve transparency and accountability.
No publicly available information.