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
Transition to NMLS (New Licensing Portal)
Annual Reporting
Dealer Education Materials
Who is required to be Licensed?
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
Renewal Dates
Beginning in 2026, the renewal period for MVSF licenses is as follows:
November 01 – Renewal Opens
December 31- Renewal Closes
****Licenses not renewed by midnight will Expire***
January 1 – Reinstatement* period opens
*Licenses that are not renewed by December 31 may be reinstated* until February 28 at 11:59 p.m. Licenses not reinstated by this deadline will be designated Terminated Failed-To Renew.
*Reinstatement – $1,000 late filing fee + the renewal fee for each license you are reinstating in addition to any NMLS processing fees.
Annual Reporting
Annual Report – due June 30
Transition to NMLS
Applications Available – June 1, 2026*
*Transition applications will not be available until June 1, 2026. In the meantime, you may create a new account if your company does not already have one.
Transition Period Closes: August 31, 2026