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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:
Go to NMLS

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

Minnesota Department of Commerce

   


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