Business ProfileforYgrene Energy Fund Inc
Current Alerts For This Business
As of October 28, 2022
The California Attorney General's Office and the Federal Trade Commission today announced a settlement with Ygrene Energy Fund, Inc. (Ygrene), a clean energy financing company, resolving allegations of misconduct relating to its administration of the Property Assessed Clean Energy (PACE) program. PACE is a form of home-improvement financing offered by some California local governments in partnership with private investors that can provide loans to help property owners pay for home-improvement projects, such as the installation of solar panels. The loans are paid off through an increase in the property owner's monthly property tax bills. A PACE loan can make it more difficult for a homeowner to sell or refinance their home. Ygrene is alleged to have engaged in forgery, high-pressure sale tactics, and other misconduct to induce homeowners to utilize the PACE financing option that it offered in partnership with local governments. Today’s settlement includes significant injunctive terms to address these illegal tactics and deter future misconduct.
Beginning in 2017, the California Legislature passed legislation to license PACE program administrators and regulate the PACE financing industry. Several local governments, including Kern, Bakersfield, Calaveras, and Los Angeles Counties, have since terminated their PACE financing programs amidst consumer protection concerns.
An extensive investigation found that Ygrene and many of its contractors failed to secure consumers' express informed consent to use their homes as collateral to secure PACE financing, instead impersonating consumers on calls or forms. Ygrene and its contractors are also alleged to have rushed property owners through Ygrene’s lengthy contract and made misrepresentations about consumers ability to refinance or sell their home before fully paying off their PACE loan.
The settlement, which remains subject to court approval, includes significant injunctive terms to substantially reform Ygrene's business practices and relief for consumers who were impacted by Ygrene’s fraudulent practices. The injunctive terms include employee training, a commitment to terminate contractors who violate the law, prompt investigation of all consumer complaints and government inquiries, notices to consumers to obtain their informed consent for PACE financing, and regular reporting to the Attorney General and FTC demonstrating compliance with the settlement terms.
A proposed court order would require Ygrene to stop its deceptive practices and meaningfully oversee the contractors who have served as its salesforce. As part of the settlement, Ygrene will be required to dedicate $3 million to provide relief to certain consumers whose homes are subject to the company’s liens.
LINK:https://oag.ca.gov/news/press-releases/attorney-general-bonta-and-ftc-announce-settlement-clean-energy-financing
LINK: https://www.ftc.gov/news-events/news/press-releases/2022/10/ftc-california-act-stop-ygrene-energy-fund-deceiving-consumers-about-pace-financing-placing-liens
At-a-glance
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Business Details
- Location of This Business
- 6303 Blue Lagoon Dr Ste 400, Doral, FL 33126-6040
- BBB File Opened:
- 9/1/2017
- Years in Business:
- 13
- Business Started:
- 12/29/2010
- Business Started Locally:
- 12/29/2010
- Business Incorporated:
- 12/29/2010
- Licensing Information:
- This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.BBB records show a license number of NMLS1786844 for this business, issued by Florida Office of Financial Regulation. The expiration date of this license is 12/31/2024.
These agencies may include:
Florida Office of Financial Regulation
200 East Gaines Street
Tallahassee FL 32399
BBB records show a license number of 60DBO-91942 for this business, issued by Florida Office of Financial Regulation. The expiration date of this license is 12/31/2024.These agencies may include:
Florida Office of Financial Regulation
200 East Gaines Street
Tallahassee FL 32399
- Type of Entity:
- Corporation
- Business Management
- Mr. Kyle Limberg, Director
- Mr. Todd Dorfman, Director
- Mr. Zack Eskerson, CFO
- Additional Contact Information
Phone Numbers
- (786) 864-8835Other Phone
- (786) 762-2482Other Phone
Email Addresses
- Primary
- Complaint
- (786) 864-8835
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