Motor vehicle finance companies purchase or hold retail installment sales contracts that finance the purchase of a motor vehicle.
- Memo clarifying licensure requirements (.pdf)
- Minnesota uses the Nationwide Multistate Licensing System (NMLS). Company/business entities applying for a motor vehicle finance license are required to use the NMLS.
- Please read Minnesota Statute §53C before applying for a motor vehicle sales finance company license. Unlicensed activity may results in administrative action.
- Licenses issued under Minnesota Statute 53C expire annually on June 30. The renewal fee is $250 for each location of business.
- The Department of Commerce sends renewal notices to licensees in May of each year.
- Renewal is done through NMLS.
- Motor vehicle finance companies must file an annual report with the Department due on or before March 15 of each year.