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Title: Motor Vehicle Sales Finance Company / Branch License
Alternate Title:
Description: Motor vehicle finance companies hold or originate conditional sales contracts that finance the purchase of a motor vehicle. Minnesota Department of Commerce
Subject: Financial Institutions
Loans and Lenders
Motor Vehicle Dealers
Private Vehicles
Creation Date: 9/11/2008 2:15:19 PM
Modification Date: 8/15/2024 12:09:27 PM
Agency Name: Commerce, Minnesota Department of
Agency URL: https://mn.gov/commerce/
Agency Description: 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.
Agency Phone: 651-539-1500
Agency Fax: Agency URL: https://mn.gov/commerce/
Agency Address:
85 7th Place East, Suite 500

St. Paul
MN
55101
Division Name: Financial Institutions Division
Division URL:
Division Description:
Division Phone: 651-539-1570
Division Fax: Division URL:
Audience: Hold Application URL: https://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx
Renewal URL: https://mortgage.nationwidelicensingsystem.org/slr/common/renewals/Pages/default.aspx
Versa URL:
Requirements:

Review Motor Vehicles 


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 NMLS

  • Please read Minn. Stat. Chapter 53C before applying for a motor vehicle sales finance company license. Unlicensed activity may results in administrative action. 

Renewal

  • Licenses issued under Minn. Stat. Chapter 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.

Rules:
Statutes: 53C

Forms:
Go to NMLS

Fees:

Application Fee for Principal office - $250

Branch office - $125

Renewal - $250 for each location


Period of Issuance:

Annual, expire on June 30.


Length of Determination: 30-60 days.
Other Info:
Activity: Loans (Non-Bank Lenders)
License Detail URL:

Motor Vehicles

Financial Institutions

License Lookup Directory

Minnesota Department of Commerce

   


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