Motor vehicle finance companies hold or originate conditional sales contracts that finance the purchase of a motor vehicle. See MS Chapter 53C.01 to 53C.14.
License applications and requirements are available below. Questions about the license requirements should be directed to 651-539-1600.
$250 application fee, plus a $25 surcharge (if applicable) for the principal place of business and $125, plus a $12.50 surcharge (if applicable), 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 loan and contract forms to be used and describe the method of accounting (precomputed or simple interest).
Provide evidence of current workers' compensation insurance.
Licenses issued under MS 53C.01-53C.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.
If a name and/or address change is proposed, please call 651-539-1600 for procedures.
Use the License Lookup Tool for a list of licensed companies.