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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. See MS Chapter 53C.01 to 53C.14.

License applications and requirements are available below. Questions about the license requirements should be directed to 651-539-1707.

License Requirements

  • Complete the Motor Vehicle Sales Finance Application and review the Annual Report

  • $250 application fee plus a $25 surcharge (total $275) for the principal place of business and $125 plus

  • $12.50 surcharge (total $137.50) 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. 

  • Minnesota location

Renewal

  • 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 plus a $25 surcharge (total $275) for the principal place of business and $125

  • $12.50 surcharge (total $137.50) for each branch location.

Changes to the License

  • If a name and/or address change is proposed, please call 651-539-1707 for procedures.

Use the License Lookup Tool for a list of licensed companies.