Motor Vehicle Finance

Motor vehicle finance companies purchase or hold retail installment sales contracts that finance the purchase of a motor vehicle.

Apply

• 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.

Renewal

• 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.

Annual Reports

• Motor vehicle finance companies must file an annual report with the Department due on or before March 15 of each year.