Sales Finance Companies Frequently Asked Questions

1. How do I obtain a license?
Submit a completed, signed application to this Department along with the appropriate fees and the other information requested on the "Sales Finance Company License Application Checklist" included with the application.

2. Where should I send the completed application?

3. After the application is received, how long will it take to receive a license?
If all the required information is submitted and acceptable, you should receive your license within approximately three weeks. When it is necessary to contact you because some information is missing or not acceptable, it often takes more than three weeks.

4. What is the licensing year?
The licensing year is from January 1 to December 31.

5. Do I need an office within the state of Wisconsin to qualify for a license?
No.

6. What reports need to be filed by a licensed sales finance company?
Companies that purchase consumer transactions may need to file a notification report. The report is due in our Department by February 28 of each year.

7. What is the maximum interest rate that can be assessed on a motor vehicle purchase contract?
There is no maximum interest rate on closed end transactions.

8. Do the provisions of Section 218.0101 to 218.0163 apply to commercial as well as consumer transactions?
Yes. with the exception of commercial leases.

9. What other state statutes and rules, besides 218.0101 to 218.0163, should be reviewed?
Chapters 421 - 427, Wisconsin Statutes (Wisconsin Consumer Act); Chapter Bkg 80 and Chapter Bkg 76 of the Wisconsin Administrative Code; Chapter 766, Wisconsin Statutes (Marital Property Act); and Chapter 429, Wisconsin Statutes.

10. Is there a source for these statutes and rules on the Internet?
Yes, go towww.legis.state.wi.us and select the Statutes and Administrative Codes.

DIRECT LICENSING QUESTIONS & RETURN APPLICATION MATERIALS TO:

Telephone: (608) 267-3743

Fax: (608) 267-6889