Who needs an installment sales license?Agency: State
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 Licensing and Regulatory Affairs. 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
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