Motor Vehicle Finance Company
Agency contact information:
Commerce, Minnesota Department of
85 7th Place East, Suite 500
St. Paul, MN 55101
Division of Financial Institutions
(651) 296-8591 (fax)
Contact Info: Darrell May
The Minnesota Department of Commerce is the chief regulator for the banking, energy, insurance, real estate, securities, telecommunications industries and also operates Minnesota's Unclaimed Property.
Minn. Stats. 53C
Motor Vehicle Sales Finance Company Application
Contact the department or obtain the application forms from the MN Dept. of Commerce website, Banking & Finance, Finance Companies, Motor Vehicle Finance Companies section at Motor Vehicle Sales Finance Application and Annual Report.
Complete the application and annual report.
A biographical statement on each shareholder of 10 percent or more of stock, each director and officer, the proposed manager, and supervisor.
Provide loan and contract forms to be used and describe the method of accounting (precomputed or simple interest).
Provide evidence of current worker's compensation insurance.
Principal office - $275 (includes fee surcharge)
Branch office - $137.50 (includes fee surcharge)
Licensing surcharge to be assessed
The Minnesota Legislature passed legislation requiring a 10% surcharge of no less than $5 and no more than $150 on each business, commercial, professional or occupational license. The funding from this surcharge will go to MN.IT Services (formerly Office of Enterprise Technology (OET)), which is establishing an electronic licensing system for the state. The surcharge will be in place through June 30, 2015. See Minn. Stat. § 16E.22.
Period of Issuance:
Annual, expire on June 30.
Length of Determination Process:
Other Pertinent Information:
May be an individual, partnership, corporation, LLC, LLP, or association.
Minn. Stat. § 53C.01-.14.
An annual report will need to be filed annually using data as of December 31.
Any material changes to the information that was submitted with the initial application must be made within ten (10) days of the change.