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Motor Vehicle Sales Finance
The Department of Insurance and Financial Services issues motor vehicle installment seller licenses to persons engaged in the business of selling, offering for sale, hiring, or leasing motor vehicles under installment sale contracts or a legal successor in interest to that person. As used in this subdivision, "business" does not include an isolated sale.
The Department of Insurance and Financial Services issues motor vehicle sales finance licenses to persons engaged as principal, agent, or broker in the business of financing or soliciting the financing of installment sale contracts made between other parties, and includes the business of acquiring, investing in, or lending money or credit on the security of the retail seller's interest in such contracts whether by discount, purchase, or assignment of those contracts, or otherwise. The term does not include a person, financial institution, or sales finance company that takes assignments of, or an interest in, an aggregation of installment sale contracts only as security for bona fide commercial loans under which, in the absence of default or other bona fide breach of the loan contract, ownership of the contracts remains vested in the assignor and collection of payments on the contracts is made by the assignor, nor a person who purchases installment sale contracts from a sales finance company or a financial institution. The term includes a person, whether or not licensed under this act, who as a seller finances installment sale contracts for other sellers or sales finance companies. The term includes a financial institution.
Motor vehicle is a self-propelled device by which a person or property may be transported upon a public highway. Motor vehicle does not include tractors, motorcycles, trailers, semitrailers, power shovels, road machinery, agricultural machinery, and other machinery not designed primarily for highway transportation but which incidentally transports persons or property on a public highway. Motor vehicle also does not include devices that move upon or are guided by a track or travel through the air.
B. STATUTORY AUTHORITY:
C. APPLICABLE REGULATION:
D. SUMMARY OF PERMIT/APPROVAL PROCESS:
Any person conducting the activity stated above.
2. Pre-Application Requirements
Before applying for a motor vehicle installment seller license, first obtain a vehicle dealer license from the Michigan Secretary of State.
3. Application Submission Requirements
4. Procedures and Time-Frame for Obtaining Approval
Up to 90 days
5. Operational Requirements
Annual renewal Amendment Filing for Name and Address Changes
Nonrefundable Annual License Fee
Installment Seller - $30.00
Sales Finance Company
7. Appeal Process
8. Public Input Opportunities
October 30, 2013
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