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Motor Vehicle Finance

Motor vehicle finance companies hold or originate conditional sales contracts that finance the purchase of a motor vehicle. (Minnesota Statute §53C.01 to 53C.14)

License applications and requirements are available below. Questions about the license requirements should be directed to 651-539-1705.

License Requirements

  • Complete the Motor Vehicle Sales Finance Application (.pdf) and review the Annual Report (.pdf)
  • $250 application fee for the principal place of business and $125 plus for each branch location.
  • A biographical statement on each shareholder of 10 percent or more of stock, each director and officer, the proposed manager, and supervisor.
  • Provide contract forms to be used and describe the method of accounting (precomputed or simple interest).
  • Provide evidence of current workers' compensation insurance. 
  • Minnesota location

Renewal

  • Licenses issued under Minnesota Statute §53C.01 to 53C.14 expire annually on June 30.
  • Renewal notices will be sent to licensees in May of each year.
  • $250 renewal fee for the principal place of business and $125) for each branch location.

Changes to the License

  • If a name and/or address change is proposed, please call 651-539-1705 for procedures.

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