Motor Vehicle Sales Finance Act Renewal FAQ

  • Motor Vehicle Sales Finance Act Renewal FAQ/span>

    Updated 05/05/20

FAQ
Where can I find the renewal application on your website?

Renewal applications are not available on our website. Renewal applications are sent electronically by DIFS in mid-April/early May each year to the licensee’s contact email address on file with our office.

How do I pay my renewal fee?

Renewal fees must be made online via ePayments. (Instructions on how to use ePayments were provided along with your renewal application.) A renewal fee submitted in any other form will not be accepted.

What happens if my renewal is incomplete?

An email will be sent to the licensee’s contact email address on file with our office, which notifies the licensee of any outstanding renewal items. All outstanding items must be resolved prior to the renewal deadline.

Is notarization required for the 2020/2021 renewal season?

NEW for 2020:  Notarization is no longer required.  Instead, you will be required to attest to the accuracy contained within this renewal (see last page of renewal application).

How do I renew my license?

NEW for 2020:  Due to the COVID-19 pandemic, we have changed our processes.

      If NO changes are needed to the renewal application: 

  1. Pay the renewal fee via ePayments
  2. Complete the Attestation (last page of renewal)
  3. Save the document (including bond*, if applicable)
  4. Submit the renewal application electronically to DIFS-CFRenewals@michigan.gov

 

      If changes ARE needed to the renewal application:

  1. Pay the renewal fee via ePayments
  2. Complete the Attestation (last page of renewal)
  3. Update the renewal application by crossing out the incorrect information
  4. Submit the renewal application (including bond*, if applicable) directly to DIFS by:
    1. Scanning and submitting electronically to DIFS-CFRenewals@michigan.gov;
    2. Fax to 517-284-8850; OR
    3. Mail to: DIFS – Consumer Finance Licensing Unit, PO Box 30220, Lansing, MI 48909.

*The original bond or bond continuation must be sent to DIFS at the address above.

If my renewal is postmarked after the June 30 deadline, will I have to reapply?

Yes. Your license will be terminated and a new application will be required. 

What is the fee to renew my Installment Seller license?

$30

What is the fee to renew my Sales Finance license?

Non-Depository Institutions:

Main Office - $150; Branch Office (within the same state) - $75

Depository Institutions (both in-state and out-of-state):

Main Office - $35; Branch Office - $35

What if I have a name change, do I submit that information along with the renewal?

Yes. Please note any changes directly on the renewal application. Return your original license certificate to DIFS along with a $10 check made payable to the “State of Michigan” for the amendment fee.

What if I have a business address change, do I submit that information along with the renewal?

Yes. If the new location will be within the same city, please note the change directly on the renewal application and return your original license certificate to DIFS along with a $10 check made payable to the “State of Michigan” for the amendment fee.  If the new location will be outside the city where it currently is located, a new application is required. Submit a new application along with your original license certificate for cancellation.

The company has changed ownership. Is a new license required?

Yes. A new application is required. Your old license certificate must be returned to DIFS along with a new application.

How do I check on the status of my license renewal?

To verify your renewal was accepted, you can visit our website at https://difs.state.mi.us/locators?searchtype=ConsumerFinance.  The date of the renewal will be posted if the renewal was accepted.

What if I no longer need my license?

Return the original license certificate to DIFS with a signed and dated written notice to cancel the license.

Will you be sending out a renewal license certificate?

No. The license certificate previously issued does not have an expiration date and is still valid.

What if I have difficulty completing the renewal application?

Send an email to DIFS-CFRenewals@michigan.gov. Inquiries will be responded to within 24 business hours of receipt.

Sales Finance Only: Does DIFS require the original bond for license renewal?

Yes. Except for in-state financial depositories, an original, signed continuation certificate or original, signed new bond must be mailed to DIFS. If you wish to send a new bond, the bond form can be found on our website (page 7 of the following link): http://www.michigan.gov/documents/difs/FIS_2311_532041_7.pdf

I never received my renewal packet. How can I get another copy?

Send an email to DIFS-CFRenewals@michigan.gov to request a duplicate copy. Include the company name, license number, correct contact person’s name and email address.

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    The answers provided are not meant to be a substitute for legal advice.