Solar Energy Development Bank Act

Summary

Solar Energy Development Bank Act - Establishes a Solar Energy Development Bank within the Department of Housing and Urban Development (HUD). Directs the President to appoint, with the advice and consent of the Senate, a president to manage and supervise the affairs of such bank subject to the direction of its Board of Directors. Directs the General Accounting Office to periodically audit the financial transactions of the Solar Bank. Permits the Solar Bank to impose fees or charges for its services. Stipulates that the Solar Bank be governed by a Board of Directors consisting of the Secretaries of HUD, the Treasury, and Energy. Directs the Board to adopt, amend, or repeal such regulations as are necessary or convenient for the functioning of the Solar Bank. Empowers the Board to fix the level of subsidy and the interest rate on loans subsidized by the Bank. Permits the Board to alter the level of subsidy and interest rates for new loans subsidized by the Bank. Sets forth factors for the Board to consider when altering such rates, including: (1) the prevailing market rates of interest for home mortgages, home improvement loans, and commercial loans, as well as prevailing market rates of interest for Government and corporate bonds; (2) the availability of other Government incentives and subsidies for solar energy equipment, including Federal income tax credits; (3) the costs of nonrenewable energy resources and systems; and (4) the levels of subsidy needed to induce consumers and builders to install solar energy systems in residential and commercial buildings. Permits the Solar Bank, beginning with fiscal year 1980, to make payments to financial institutions for the purpose of subsidizing below-market rate loans to owners or builders of commercial and residential structures for the purchase and installation of solar energy systems in such structures. Defines "solar energy systems" for the purposes of this Act. Sets forth the procedure and terms governing the payment of such subsidies. Exempts transactions made under this Act from any State or local usury laws. Establishes penalties for knowingly making false statements or misrepresentations of material fact with respect to any loan assisted under this Act. Directs the Board of Directors of the Solar Bank to make an annual report to the President and both Houses of Congress. Directs the Solar Bank to promote the programs established by this Act by informing and actively seeking the participation of financial institutions and consumers. Permits the Solar Bank to utilize the services of personnel within HUD with the permission of the Secretary. Authorizes the use of funds available in the Energy Security Trust Fund to carry out the purposes of this Act, within specified limits.

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1 official file

• Introduced in House

  summary · EN · 27 July 1979

  Open at official source

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