Motor Vehicle Sales Finance Renewals FAQs
- When should I receive the renewal for my
motor vehicle sales finance license?
Renewal packets are generally mailed to licensees at the beginning of June each year. You should return the renewal by July 1st of each year. A second renewal notice will be mailed no later than July 15th if the renewal has not been received. An automatic grace period will run through July 31st each year. If the license is not renewed timely and expires, it may be reinstated by paying a $1,000 late fee within 180 days of the July 31st expiration date.
- What will it cost to renew my license?
An invoice will be included in your company's renewal packet stating the amount due.
- What do I need to do to renew my license?
To renew, simply pay the renewal fee due for your company and complete the form found in the renewal packet with any necessary corrections.
- Will I receive a new license?
No. The agency issues permanent licenses without expiration dates to avoid the cost of printing and issuing new licenses each year. However, if you have a provisional license, you will receive a new provisional license after renewal and then a permanent license when final approval is granted.
