Motor vehicle dealers and
recreational vehicle dealers that originate retail installment contracts and/or consumer leases must be licensed under Wis. Stat. ss. 218.0101 to 218.0163.
Sales finance companies that acquire installment sales contracts and/or consumer leases originated by Wisconsin motor vehicle and recreational vehicle dealers are licensed under the same statute. 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.
Sales Finance Companies
Frequent Links - Sales Finance Company
- Applications - Licenses must be applied for through the Nationwide Multistate Licensing System & Registry (NMLS). Links to NMLS resources are found below.
Questions pertaining to Wisconsin licensing requirements should be directed to DFI_LFS@dfi.wisconsin.gov. Questions pertaining to NMLS account creation and the completion of NMLS forms can be directed to the NMLS Resource Center at 1-855-665-7123 (Monday - Friday, 8:00 AM to 8:00 PM Central Time.)
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License Amendment Instructions - Refer to the applicable Wisconsin NMLS Amendment Checklist for instructions on how notify the Division of Banking about changes to:
- Executive Officers, Direct Owners, Indirect Owners, Affiliates or Subsidiaries
- Legal Names, Trade Names, or Addresses
- Disclosure Question and Answers
Helpful Information - Sales Finance Company
- Financial Statement Requirements:
- The licensed legal entity's fiscal year-end financial statements and a completed
Supplemental Financial Statement Information form, must be uploaded to NMLS within 90 days after the completion of each fiscal year.
- Financial statements must include a balance sheet & income statement and be prepared in accordance with generally accepted accounting principles.
- Licensees must maintain tangible net worth of at least $10,000 and positive working capital.
- When evaluating a licensee's tangible net worth and net working capital, the division discounts intangibles; receivables from officers, stockholders, and other related parties; employee advances; receivables over 120 days past due; and any other assets of questionable value.
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Cybersecurity Resources
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Cybersecurity 101
- 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 updated October 15, 2024, and developed by the Conference of State Bank Supervisors in conjunction with state bank examiners, 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 security.
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Federal Trade Commission's Cybersecurity for Small Business Resources – a set of cybersecurity resources developed in partnership with the National Institute of Standards and Technology, the U.S. Small Business Administration, and the Department of Homeland Security.
Vehicle Dealers
Frequent Links - Vehicle Dealers
Helpful Information - Vehicle Dealers
- Guaranteed Asset Protection (GAP)
Contact Us
Phone: (608) 261-7578
Email: DFI_LFS@dfi.wisconsin.gov
Questions pertaining to Wisconsin licensing requirements should be directed to
DFI_LFS@dfi.wisconsin.gov. Questions pertaining to NMLS account creation and the completion of NMLS forms can be directed to the NMLS Resource Center at 1-855-665-7123 (Monday - Friday, 8:00 AM to 8:00 PM Central Time).
Helpful Information for Sales Finance Companies
- Financial Statement Requirements:
- The licensed legal entity's fiscal year-end financial statements and a completed Supplemental Financial Statement Information form, must be uploaded to NMLS within 90 days after the completion of each fiscal year.
- Financial statements must include a balance sheet & income statement and be prepared in accordance with generally accepted accounting principles.
- Licensees must maintain tangible net worth of at least $10,000 and positive working capital.
- When evaluating a licensee's tangible net worth and net working capital, the division discounts intangibles; receivables from officers, stockholders, and other related parties; employee advances; receivables over 120 days past due; and any other assets of questionable value.
-
Cybersecurity Resources
-
Cybersecurity 101
- 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 updated October 15, 2024, and developed by the Conference of State Bank Supervisors in conjunction with state bank examiners, 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 security.
Motor vehicle dealers and recreational vehicle dealers that originate retail installment sales contracts and consumer leases are licensed under Wis. Stat. ss. 218.0101 to 218.0163.