The State of New Jersey
NJ Department of Banking and Insurance
search  
 
Home > Banking Division > Dedicated Funding > Information for Licensees > Motor Vehicle Installment Seller
Dedicated Funding FAQs - Motor Vehicle Installment Seller
Please Note:

The online annual reporting system will be available on or about February 1, 2014. All licensees will be receiving notifications on how to access the system by mail. All annual reports will be due May 1, 2014.

If you have any questions, please contact Consumer Finance Assessments.


Submission of the annual report is an essential component of the Department's funding mechanism. Therefore, failure to file your online annual report may result in significant fines and penalties.

The Department recommends downloading and printing the 2013 Annual Report Worksheet (at right) before completing the online report.
 
Annual Report Worksheet
Motor Vehicle Installment Seller (PDF)
If you have any questions about filing your annual report, please call Consumer Finance Assessments at 609-292-7272.

Thank you in advance for your cooperation in this important matter.
 
File Your Annual Report
 
Annual Reports


Is a motor vehicle installment seller required to file an annual report?

A motor vehicle installment seller
is required to file an annual report with the Division of Banking. The report must be filed for the period of January 1, 2013 through December 31, 2013.

What type of information will a motor vehicle installment seller be required to include in the annual report?
The following information must be collected from 1/1/13 through 12/31/13 and maintained to complete the annual report. To ensure consistency of reporting, please utilize the following example of net amount financed. For example, if the net amount financed is $9,000, and the warranty and other fees put the final net amount financed at $10,500, this transaction gets reported in the $10,000 or less category.

  • Number of NJ financed retail installment contracts (including all leases with a purchase option) involving motor vehicles having a net amount financed of $10,000 or less executed between 1/1/13 and 12/31/13
  • Total NJ dollar amount of financed retail installment contracts (including all leases with a purchase option, the amount to report is the Total Lease Payments less Sales Tax) involving motor vehicles having a net amount financed of $10,000 or less executed between 1/1/13 and 12/31/13 - excludes sales tax
  • Number of NJ financed retail installment contracts (including all leases with a purchase option) involving motor vehicles having a net amount financed between $10,001 and $50,000 executed between 1/1/13 and 12/31/13
  • Total NJ dollar amount of financed retail installment contracts (including all leases with a purchase option) involving motor vehicles having a net amount financed between $10,001 and $50,000 executed between 1/1/13 and 12/31/13 - excludes sales tax
  • Number of NJ financed retail installment contracts (including all leases with a purchase option) involving motor vehicles having a net amount financed of $50,001 or more executed between 1/1/13 and 12/31/13
  • Total NJ dollar amount of financed retail installment contracts (including all leases with a purchase option) involving motor vehicles having a net amount financed of $50,001 or more executed between 1/1/13 and 12/31/13 - excludes sales tax

Is there a filing deadline for the annual report?
All annual reports must be filed no later than May 1, 2014 for the January 1, 2013 to December 31, 2013 reporting period. Annual reports are expected to be filed electronically over the Internet through the State's secure web site.

What is the penalty for filing the annual report late?
If the filing of the annual report is late, you may be subject to a late penalty of $100 for each day the annual report filing is late, and are subject to suspension or loss of license. The Division of Banking MUST have report information on ALL licensees in order to properly assess and bill all licensees.

top of page
Additional License Specific information


When will license renewals occur?

Renewals for ALL
non-mortgage licensees will be as of July 1, 2015. It is expected that licensees will be notified about the renewal process no later than April of 2015. Licenses must be renewed prior to June 30, 2015.

Will there be a license renewal fee for the biennial renewal in July of 2015?
All non-mortgage licensees will pay NO FEE to renew licenses. License renewals will be required to be processed electronically using the Banking Online Services feature. Paper renewals will NOT be available. For information about signing up for Banking Online Services CLICK HERE. Do applications for new licenses require a fee?
Yes. All new applications – those for new businesses, new branch offices and new individual licenses – require the payment of a non-refundable application fee.
How much is the non-refundable application fee?
The non-refundable application fee is $300 for each new license.

What must a motor vehicle installment seller do to:
1) Change a licensed business address?

Note: There is NO FEE to change a business address

2) Change a licensed business name?

  • Complete the Change of Legal Name form Enclose a copy of the amended Certificate of Incorporation, if a corporation; a copy of amended certificate of formation, if a limited liability company; a copy of amended or new trade name certificate if a partnership or sole proprietorship; an amended Certificate of Authority to do Business in New Jersey if a foreign corporation
  • Return the above items to the Licensing Services Bureau, NJDOBI

Note: There is NO FEE to change a business name or to add a new doing business as or trade name

3) Obtain a duplicate license?

  • Request and complete a lost license affidavit
  • Return this affidavit to the Licensing Services Bureau, NJDOBI

Note: There is NO FEE to obtain a duplicate license or registration certificate

top of page
Contact Information For licensing questions:
NJDOBI License Services, Banking
PO Box 473
Trenton, NJ 08625
E-mail: bliconline@dobi.state.nj.us
609-292-7272
For annual report, assessment questions:
NJ Department of Banking and Insurance
PO Box 040
Trenton, NJ 08625
E-mail: Consumer Finance Assessments
609-292-7272 ext. 50436
 
OPRA
OPRA is a state law that was enacted to give the public greater access to government records maintained by public agencies in New Jersey.
line
Adobe Acrobat
You will need to download the latest version of Adobe Acrobat Reader in order to correctly view and print PDF (Portable Document Format) files from this web site.
state seal
Copyright © 2011, State of New Jersey
New Jersey Department of Banking and Insurance