Licensed under Wis. Stat. ss. 218.0101 to 218.0163, sales finance companies acquire installment sales contracts and/or consumer leases that are originated by Wisconsin motor vehicle and recreational vehicle dealers. Holders of sales finance licenses include banks, loan companies, motor vehicle dealerships, savings institutions, and organizations specializing in sales finance contracts and consumer lease agreements.
NMLS Transition Information
Revisions to Wisconsin’s Sales Finance Company Administrative Rule, Wis. Admin. Code ch. DFI-Bkg 76, became effective on September 1, 2023. The changes require:
- Licensees to transition to the Nationwide Multistate Licensing System & Registry ("NMLS") by October 31, 2023.
- New owners/officers to request a credit report and criminal history report through NMLS.
- Material information to be kept current and accurate on NMLS. If the information changes in any material respect, the licensee must update NMLS within 10 days after the change.
- Annual renewals to be submitted thru NMLS. It also indicates that if a licensee fails to renew by the required due date, the licensee can reinstate its license by filing the renewal thru NMLS, paying the renewal fee, submitting all required renewal documentation, and paying a $100 non-refundable reinstatement fee. The reinstatement period will close on February 28th of each year.
Transition related resources for licensees are linked below.
Helpful Information for Dealers
- Guaranteed Asset Protection (GAP)
Helpful Information for Sales Finance Companies
- Cybersecurity Resources
a resource developed by the Conference of State Bank Supervisors
intended to be an easily-digestible, non-technical reference guide to
help executives develop a comprehensive, responsive cybersecurity
program in line with best practices.
Ransomware Self-Assessment Tool
– a resource developed by the Conference of State Bank Supervisors in
conjunction with the Bankers Electronic Crimes Taskforce and the United
States Secret Service which contains important controls that all types
of companies should use to assess their efforts to mitigate risks
associated with ransomware and to identify opportunities for increasing
Phone: (608) 261-7578