Minnesota Residential PACE Administrator Bond |
AmeriPro Surety Bonds | 844-589-9732
PACE Administrators – Minnesota
Minnesota allows individual companies to participate in PACE (Property Assessed Clean Energy Program) which provides financing for energy property improvements.
The licensing and bond required are according to the state’s Commerce Department.
The filing of your license and surety bond are accomplished through the Nationwide Multistate Licensing System (NMLS).
Once you have purchased the surety bond, our agency will electronically file the bond on your behalf through PACE.
Amount of Surety Bond Required – Qualifying
The Minnesota residential PACE administrator bond amount is based on your production levels for the prior calendar year. First time with applicants with no prior history will file the lowest surety bond amount, $100,000.
The breakdown of production levels and the amount of surety required are as follows:
- $0 to $5,000,000 – $100,000 surety bond;
- $5,000,000 to $10,000,000 – $125,000 surety bond;
- $10 million to $25 million – $150,000 surety bond;
- Over $25 million – $200,000 surety bond.
Qualifying for the PACE administrator bond is by means of an application and a business or personal credit score inquiry. Surety companies, including our own, typically use soft inquiries which will not adversely affect your credit score.
For the higher bond amount, you may be asked to provide a financial statement. If you are, we will provide you with the form needed.
The Premium Amount
The premium for the Minnesota residential pace administrator bond will have an annual rate of about 1 ½ to 2% of the bond amount required. Your credit will be the biggest factor.
Our agency will work to find you the lowest premium amount.
The Purpose of the Surety Bond
A PACE administrator surety bond is a financial guarantee which assures the consumer and the state of Minnesota of your compliance with all laws governing your profession.
The bond’s existence affords consumers who have been harmed to file a claim against your bond for remuneration.
As principal of this bond, you are responsible to indemnify the surety for any claims paid against your bond.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout Minnesota.
Our agency also provides surety bonds nationwide. Please call us today at:
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