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Automotive-related Businesses
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Who needs an installment sales license?
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Answer:
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The Motor Vehicle Sales Finance Act requires persons to obtain an installment
seller license when selling a motor vehicle if: Two or more scheduled payments
or deposits are made on motor homes or passenger vehicles only, whether or not
the seller has retained a security interest in the motor vehicle.
Installment seller licenses are issued by the Michigan Department of Labor
and Economic Growth. Form FIS-1028,
Installment Seller or Sales Finance Company License Application, is used to
apply. The cost of the license is $30 annually. It expires on June 30 each year.
Telephone: 877/999-6442 (toll-free) or 517/373-0220
Fax: 517/373-0549
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