Get An Instant Quote on CA – Finance Lending, Brokering, or Administering a PACE Program License Bond – NMLS Now
CA – Finance Lending, Brokering, or Administering a PACE Program License Bond – NMLS
In California, individuals or companies who wish to participate in the Property Assessed Clean Energy (PACE) program as finance lenders, brokers, or administrators are required to obtain a license and post a license bond as a condition of licensing. The license bond is also known as the CA Finance Lending, Brokering, or Administering a PACE Program License Bond – NMLS.
Important Points
Here are some key details about this bond:
- Purpose: The bond serves as a financial guarantee that the licensed individual or company will comply with all applicable laws and regulations related to their participation in the PACE program.
- Requirement: Individuals or companies who wish to participate in the PACE program as finance lenders, brokers, or administrators are required to obtain this bond.
- The cost of the CA Finance Lending, Brokering, or Administering a PACE Program License Bond: The cost of the bond can vary depending on the applicant’s credit history and other factors. Typically, the cost is a percentage of the bond amount, ranging from 1% to 10%.
- Bond validity: The bond is typically valid for one year from the effective date of the license.
It’s important to note that the laws and regulations related to PACE program licensing and bonding can vary depending on the jurisdiction. It is always best to consult with a knowledgeable attorney or a surety bond company for more detailed information about the CA Finance Lending, Brokering, or Administering a PACE Program License Bond in California.
Bond Amount
The CA Finance Lending, Brokering, or Administering a PACE Program License Bond – NMLS is a $25,000 bond, which means that the bond amount required by the state is $25,000.
The cost of the bond, however, can vary based on several factors, including the applicant’s credit score and financial history. Typically, the cost of the bond is a percentage of the bond amount, ranging from 1% to 10% of the bond amount.
It’s important to note that the cost of the bond can vary from one surety bond company to another, so it’s recommended to shop around and compare quotes to find the best rate.
Qualifications/Requirements
To obtain a CA Finance Lending, Brokering, or Administering a PACE Program License Bond – NMLS in California, individuals or companies must meet the following qualifications and requirements:
- Obtain a license: The applicant must obtain a license from the California Department of Business Oversight to participate in the PACE program as a finance lender, broker, or administrator.
- Provide financial information: The applicant must provide financial information, including credit scores and financial statements, to the California Department of Business Oversight as part of the licensing process.
- Pass background checks: The applicant must pass background checks conducted by the California Department of Business Oversight, which may include criminal history checks and fingerprinting.
- Obtain a license bond: The applicant must obtain a CA Finance Lending, Brokering, or Administering a PACE Program License Bond – NMLS from a surety bond company that is authorized to do business in California.
- Pay bond premium: The applicant must pay the bond premium, which is the cost of the bond, to the surety bond company.
- Comply with laws and regulations: The applicant must comply with all applicable laws and regulations related to their participation in the PACE program.
It’s important to note that the requirements for obtaining a CA Finance Lending, Brokering, or Administering a PACE Program License Bond – NMLS can vary depending on the jurisdiction and the specific circumstances of the applicant. It’s recommended to consult with a knowledgeable attorney or a surety bond company for more detailed information about the qualifications and requirements for this bond in California.