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California’s financial services regulator has moved to revoke the license of bankrupt San Diego clean energy lender Renovate America after local homeowners had liens placed on their properties for nonexistent improvements in an apparent fraud.
The Department of Financial Protection and Innovation is seeking to terminate Renovate America’s Property Assessed Clean Energy (PACE) Administrator License the first time that the department has made such a move since the PACE program began in 2008.
Following an investigation, the Department found that Renovate America enrolled what turned out to be a bogus construction company to sell PACE-financed green home improvements such as solar panels, attic insulation and artificial turf installation.