Title: Residential PACE Administrator License / Branch License
Alternate Title:
Description: A local government or an authority designated by the local government may establish a residential PACE loan program to finance cost-effective energy improvements to enable homeowners to pay for the cost-effective energy improvements to qualifying residential real property with the net proceeds and interest earnings of revenue bonds authorized in
Minn. Stat. § 216C.436, subd. 8. Minnesota Department of Commerce
Subject: Loans and Lenders
Creation Date: 4/11/2019 1:14:01 PM
Modification Date: 8/15/2024 4:04:50 PM
Agency Name: Commerce, Minnesota Department of
Agency URL: https://mn.gov/commerce/
Agency Description:
The Minnesota Department of Commerce is the chief regulator for the banking, energy, insurance, real estate, securities, telecommunications industries and also operates Minnesota's Unclaimed Property.
Agency Phone: 651-539-1500
Agency Fax: Agency URL: https://mn.gov/commerce/
Agency Address:
85 7th Place East, Suite 500
St. Paul
MN
55101
Division Name: Financial Institutions Division
Division URL:
Division Description:
Division Phone: 651-539-1570
Division Fax: Division URL:
Audience: Hold
Application URL:
Renewal URL:
Versa URL:
Requirements:
A local government or an authority designated by the local government may establish a residential PACE loan program to finance cost-effective energy improvements to enable homeowners to pay for the cost-effective energy improvements to qualifying residential real property with the net proceeds and interest earnings of revenue bonds authorized in Minn. Stat. § 216C.436, subd. 8.
A residential PACE administrator as defined in Minn. Stat. § 216C.435, subd. 10a must be licensed with the Minnesota Department of Commerce.
Apply
Minnesota uses the Nationwide Mortgage Licensing System (NMLS). Company/business entities applying for the residential PACE administrator license are required to use the NMLS
Please read Minn. Stat. § 216C.435 – .437 before applying for a Residential PACE Administrator license. Unlicensed activity may result in administrative action.
Renewal
Licenses issued under Minn. Stat. § 216C.437 expire on December 31 and are renewable on January 1 of each year. Renewal is done through NMLS. The renewal fee is $500.
Rules:
Statutes: 56
Forms:
Fees:
$1,000 initial license application fee
$100,000 surety bond (minimum)
Renewal fee - $500
Period of Issuance:
January 1 to December31.
Length of Determination: 30 days.
Other Info:
Activity: Loans (Non-Bank Lenders)
License Detail URL:
Residential PACE Loan Program
Financial Institutions
License Lookup Directory

