Motor Vehicle Sales Finance

Overview

Both sellers and holders of retail installment contracts are required to have motor vehicle sales finance licenses.

Interest or finance charges are not required for a transaction to be considered financed. 

A sale is considered financed  when the buyer agrees to make payments over time. Exception: Resale purpose. See laws (statutes & rules) below for more information.

Businesses required to be licensed by the OCCC include, but are not limited to:

-Dealers Holding contracts (Buy Here Pay Here)
-Dealers Assigning Contracts
-Acceptance Companies

Resources

Apply for Licensing & Existing Licensees
Advisory Bulletins & Disclosures
Debt Cancellation Agreements 
Documentary Fees
Examination Process
Rate Charts
Retail Installment Contracts- Plain Language
Retail Installment Contracts- Software Vendors 

Statutes & Rules

These are the primary statutes and rules that apply to motor vehicle installment sales. This is not a complete list of laws that motor vehicle installment sales companies are required to comply with and become familiar with in order to be approved for an MVSF license.

Primary State Statutes
Chapter 348, Texas Finance Code: Motor Vehicle Installment Sales

OCCC’s Rules
Title 7, Chapter 84, Texas Administrative Code

Other State Statutes
Texas Constitution and Statutes

Federal Statutes & Rules
U.S. Government Publishing Office