Note: Companies holding these license types are encouraged to submit a license transition request through NMLS by filing a Company Form (MU1) and an Individual Form (MU2) for each of their control persons. Additionally, for each branch holding these license types, companies are encouraged to complete and submit a Branch Form (MU3). Click here for more information.
Sales Finance Company
This License is required of any person who is engaged, in whole or in part, in the business of purchasing retail installment contracts from one or more retail sellers. This License is also required of any person whom is engaged, in whole or in part, in the business of creating or holding motor vehicle retail installment contracts exceeding a total aggregate outstanding indebtedness of $50,000. This License also includes any company commonly known as a title lender that allows consumers to borrow money based on the equity in their automobiles.
Company Licenses | Description | Requirements Checklist |
Sales Finance License | This license will become available in NMLS starting July 1st, 2017. This License is required of any person who is engaged, in whole or in part, in the business of purchasing retail installment contracts from one or more retail sellers. This License is also required of any person whom is engaged, in whole or in part, in the business of creating or holding motor vehicle retail installment contracts, exceeding a total aggregate outstanding indebtedness of $50,000. This License also includes any company commonly known as a title lender that allows consumers to borrow money based on the equity in their automobiles. Please review Sales Finance Companies A.R.S. § Title 44, Chapter 2.1 | |
Branch Licenses | Description | Requirements Checklist |
Sales Finance Branch License | This license will become available in NMLS starting July 1st, 2017. This License is required of any person who is engaged, in whole or in part, in the business of purchasing retail installment contracts from one or more retail sellers. This License is also required of any person whom is engaged, in whole or in part, in the business of creating or holding motor vehicle retail installment contracts, exceeding a total aggregate outstanding indebtedness of $50,000. This License also includes any company commonly known as a title lender that allows consumers to borrow money based on the equity in their automobiles. Please review Sales Finance Companies A.R.S. § Title 44, Chapter 2.1 |