Bulletin: NE2017002

Date:
June 13, 2017
To:
All Nebraska Issuing Offices
RE:
UNDERWRITING - Property Assessed Clean Energy Act (PACE)

Dear Associates: 

Legislative Bill 625 of the 2017 Session of the Nebraska Unicameral was passed by the Legislature and, on April 27, 2017, was approved by the Governor. As such, this Bill was effective at that time and remains in effect. L.B. 625 repealed prior (2016) legislation that created the Property Assessed Clean Energy Act, §§18-3201 - 3211, Neb. Rev. Stat. The newly-approved Act is codified in those sections.

PACE provides for assessment liens, levied by a municipality, for the purpose of assisting in funding clean energy improvements to real estate, which liens become liens on real estate, in many cases, with the same priority as regular property tax liens. Real property that is agricultural, commercial, industrial, or single-family residential are qualified as properties to which a PACE assessment can attach.

This bulletin is being issued to inform you that this Act is in place and operative, and this bulletin will be followed very shortly by a more detailed bulletin that will comprehensively describe the various requirements and consequences of the Act.

In the meantime, please contact an underwriter if you become aware, through your records search or otherwise of the existence of a PACE assessment with respect to the real estate in question.  

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None