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.
Frequent Links
- Application for a Sales Finance Company License
- Sales
finance companies are required to apply for and maintain their
Wisconsin license on the Nationwide Multistate Licensing System &
Registry (NMLS). Please refer to the NMLS Checklist Compiler for a detailed list of information that must be provided with the application.
- License Amendment Instructions - Refer
to the applicable Wisconsin NMLS Amendment Checklist for instructions
on how notify the Division of Banking about changes to:
- Direct Owners, Indirect Owners, Affiliates or Subsidiaries
- Executive Officers or other Control Persons
- Addresses
- Legal Names or Trade Names
- Legal Status
- Disclosure Question and Answers
Helpful Information for Dealers
- Guaranteed Asset Protection (GAP)
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.
Contact Us
Phone: (608) 261-7578
Email: DFI_LFS@dfi.wisconsin.gov