Code of Maine Rules
95 - INDEPENDENT AGENCIES
648 - EFFICIENCY MAINE TRUST
Chapter 5 - COMMERCIAL PROPERTY ASSESSED CLEAN ENERGY (C-PACE) PROGRAM REGULATIONS
Section 648-5-7 - REGISTERED CAPITAL PROVIDERS

Universal Citation: 95 ME Code Rules ยง 648-5-7

Current through 2024-13, March 27, 2024

1. Capital Provider Registration. If a Capital Provider wishes to participate in the C-PACE Program, it must submit a Capital Provider Application to the Program Administrator. The Program Administrator will approve Capital Providers that demonstrate to the satisfaction of the Program Administrator that the Capital Provider has the capacity and intention to:

a. Capitalize Qualifying Projects;

b. Perform the underwriting, origination, and loan servicing requirements of the Program; and

c. Comply with the regulations, procedures and Program Guidelines of the Program Administrator's C-PACE Program.

2. Registered Capital Providers may include any:

a. federally insured bank;

b. savings and loan;

c. state or federal credit union;

d. registered investment firm authorized to do business in Maine;

e. Small Business Administration (SBA) small business investment company;

f. authorized commercial lender;

g. qualified institutional buyer, as defined in Rule 144A (17 C.F.R. 230.144A) of the federal Securities Act of 1933 (15 U.S.C. § 77a et seq.), as amended;

h. accredited investor, as defined in § 501(a)(1), (2), (3) and (7) of Regulation D (17 C.F.R. 230. 501(a)(1), (2), (3) and (7)) promulgated under the federal Securities Act of 1933 (15 U.S.C. § 77a et seq.), as amended;

i. financial institution, as defined in 12 U.S.C § 20, as amended;

j. insurance company licensed under the laws of any state;

k. trustee, custodian or depositary of a trust or a custodial or depositary arrangement, as the case may be, which provides that beneficial ownership of interests in such trust or arrangement shall be restricted to persons described in subsections (g), (h), (i), (j) and (l) of this definition; and,

l. a special purpose entity with respect to which the beneficial owners of equity interests or equity securities issued by such entity shall be restricted to those persons described in subsections (g), (h), (i), (j), and (k) of this definition.

3. In all cases, a Registered Capital Provider under the C-PACE Program must have the ability to fund and service C-PACE loans, including performing all accounting, reporting, billing and collection required for C-PACE Assessments, whether directly or through the lender's agent.

4. When a Capital Provider is approved by the Program Administrator it is considered a Registered Capital Provider. The Program Administrator will maintain a publicly accessible listing of Registered Capital Providers on a publicly accessible page on the internet. The Program Administrator maintains sole discretion of Capital Provider approval within the program and will have the ability to withdraw approval from a Capital Provider at any time.

Disclaimer: These regulations may not be the most recent version. Maine may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.