|Home > Banking Division > Banking Licensees > Motor Vehicle Installment Seller > FAQs|
|Frequently Asked Questions - Motor Vehicle Installment Seller|
1. How long does it take to process an application?
A properly completed application will be processed within 30 days of receipt.
2. What is required to obtain the license?
All information as to how to apply for a license is contained in the instructions.
3. When does the license expire?
All licenses that are initially issued anytime between July 1, 2013 and June 30, 2015 will expire on June 30, 2015. Thereafter, all licenses will be subject to renewal for a 2-year term beginning on July 1 of an odd year and expiring on June 30 of the following odd year, i.e. July 1, 2015 through June 30, 2017.
4. Do I need a dealership license from the New Jersey Motor Vehicle Commission for this license?
Yes, a Motor Vehicle Installment Seller must be licensed under N.J.S.A. 39-10-1 et seq. Visit www.state.nj.us/mvcbiz/BusinessServices/UsedNew.htm for more information about the Motor Vehicle Commission’s dealership and leasing licenses.
5. How can I get a copy of the law governing this license?
See Frequently Requested Documents, which lists the cost of copies of the statutes and send remittance with request to the address provided.
6. Can I pay the application fee by credit card?
Currently, credit card payments are not permissible.
7. What if my application is withdrawn or denied?
All fees paid are non-refundable.
8. What is the procedure if I change my address?
Complete the Request for Change of Legal Name or Address form found on our web site.
9. What is the procedure if I change the business name or add an alternate name?
Complete the Request for Change of Legal Name or Address form found on our web site. Enclose a copy of the amended Certificate of Incorporation, if a corporation; a copy of the amended Certificate of Formation, if a limited liability company; a copy of the amended or new trade name certificate, if a partnership or sole proprietorship; a copy of amended Certificate of Authority to do business in New Jersey, if a foreign corporation; a copy of the Registration of Alternate Name, if adding a "doing business as" name.
10. What must I do if my license is lost or destroyed?
Please e-mail email@example.com to request a license reprint.
11. When do I file the annual report?
All annual reports are due by May 1. They can be filed online.
12. How do I renew my license?
Renewal instructions will be sent to you on or before April 1 of the year in which your license expires.
13. What must I do if I go out of business?
Please contact firstname.lastname@example.org requesting information about the surrender procedure.
14. What if I change the legal style of the business?
This change is treated as a name change initially. We require that the company file a confirmation of the company’s Federal Employment Identification Number (“FEIN”) from the Internal Revenue Service within 30 days of the legal style change. Should the FEIN change the company will be required to submit a new application.
15. Is the license transferrable?
No. A license may not be transferred from one entity to another.
16. How can I contact DOBI if I have a question that was not answered above?
You can put your question in writing and fax it to us at (609) 292-1416 or by e-mail to email@example.com.
|OPRA is a state law that was enacted to give the public greater access to government records maintained by public agencies in New Jersey.||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.|
| Copyright © 2011,
State of New Jersey
New Jersey Department of Banking and Insurance