Motor Vehicle Sales Finance Companies: FAQs
Q. What is the application fee to obtain a Motor Vehicle Sales Finance License?
The fee is $400 for an in-state license and $500 for an out-of-state licensing.
Q. How many DBA names can a Motor Vehicle Sales Finance License hold?
A Motor Vehicle Sales Finance License is only allowed to hold one DBA name per license.
Q. Is a bond required to obtain a Motor Vehicle Sales Finance License?
No, a bond is not required to obtain a Motor Vehicle Sales Finance License.
Q. What is required for an address change for a Motor Vehicle Sales Finance License?
It is a requirement to send a letter requesting permission from the Financial Institutions Division, along with a fee in the amount of $25.
Q: What is required if I wish to surrender my license?
To surrender a Motor Vehicle Sales Finance license, a licensee must submit a letter on company letterhead to the Director of the Financial Institutions Division along with a copy of the surrendered license. The letter must provide detailed information as to the reason for license surrender and the collection of any outstanding accounts.