What’s the New Surety Bond Requirement?
The new Minnesota bill, titled SB 3245, requires residential PACE loan administrators to be licensed and post a surety bond in an amount ranging from $100,000 to $200,000 based on the administrator’s volume of PACE loans made in the State in the preceding year.
For an initial license, the bond must be for $100,000. The bond secures the administrator’s compliance with the applicable law and must be available for the recovery of expenses, fines, and fees that the Commissioner of Commerce levies, for losses incurred by homeowners as a result of a licensee’s noncompliance, or a breach of contract for activities under this program.
Why Choose JW Surety Bonds?
We are the nation’s largest volume bond producer, and provide the lowest rates in the industry. It’s also crucial that you understand that you’re responsible to pay any claims filed on your bond. When you partner with our company, you will have a dedicated claim specialist assigned to your account to ensure claim payouts are either reduced or avoided all together.
Get a Free Quote Instantly Online
If you’re ready to get a surety bond for this newly increased bond requirement, you can simply apply online.