Apply for a Commercial Motor Vehicle Sales Finance License

If you have specific legal questions, please seek the advice of an attorney.

Review the information below before applying for a Commercial Motor Vehicle Sales Finance license through NMLS.

Who Needs a Commercial Motor Vehicle Sales Finance License?

Businesses that sell or finance commercial motor vehicles through retail installment contracts may need a Commercial Motor Vehicle Sales Finance license.

A commercial motor vehicle installment sale is similar to a motor vehicle installment sale, except the vehicle is purchased for business or commercial purposes rather than personal, family, or household use. Examples include 18-wheelers, ambulances, buses, delivery trucks, and other commercial-use vehicles.

A commercial motor vehicle installment sale is a transaction between a retail seller and a retail buyer in which the buyer agrees to pay part or all of the purchase price in one or more deferred installments. A finance charge is not required for the transaction to be considered a financed sale.

Both the retail seller and any subsequent holder of a retail installment contract must be licensed. When a retail installment contract is assigned or purchased by an acceptance company, that company becomes the holder of the obligation and lienholder of the commercial motor vehicle and must also be licensed.

This is a general description and may not apply to every situation. Review applicable laws and regulations to determine whether licensure is required for your business activities.

Not sure if you need a license? OCCC staff cannot determine whether a business requires licensure or advise applicants which license type to select. Businesses seeking guidance should consult an attorney or compliance professional.

How Do I Apply?

Applications must be submitted through NMLS.

• New applicants must create an NMLS account before applying.
• Existing NMLS users should apply through their entity’s NMLS account.
• Be prepared to provide information and documentation required by the application checklist.

Before you begin: If your business operates as an LLC, corporation, partnership, or other registered entity, ensure any required registrations with the Texas Secretary of State, Texas Comptroller, and other applicable governmental agencies have been completed before creating your NMLS account.

If you do not have an NMLS account, obtain IRS documentation that exactly matches your legal entity name and FEIN before beginning the account creation process.

Need an NMLS Account?

If you do not have an NMLS account, obtain IRS documentation that exactly matches your legal entity name and FEIN before beginning the account setup process.

Review the NMLS Quick Tips Resource for instructions on creating an account.

For assistance creating an account, contact the NMLS Call Center at 1-855-665-7123.

What License Type Should I Select?

In NMLS, the first Commercial Motor Vehicle Sales Finance license issued to an entity is a Company License.
Any additional licensed locations operating under the same entity are licensed as Branch Licenses.

A Company License application must be submitted before a Branch License may be issued. Approval of the Company License application is not required prior to submitting Branch License applications.

Please review license types carefully before submitting your application, as NMLS fees and application fees are non-refundable.

Additional Locations and Other Trade Names (OTNs)

If your business operates from more than one location, each additional location must be licensed as a Branch License.

Licensed locations may have one or more branch locations operating under common ownership. Branch locations may consist of anything from an additional sales lot near the main office to a separate dealership operating in another city.

Businesses operating under names other than their legal company name must report those names as Other Trade Names (OTNs).

Please note:

• Your first trade name at the company or branch level does not require a separate OTN license.
• Each additional trade name requires an OTN license.
• If multiple branches use the same additional trade name, each branch must obtain its own OTN Branch License.

If you are unsure whether an OTN license is required, review the applicable license checklist.

Business Transfers and Ownership Changes

NMLS does not offer a transfer applications.

If a business acquires an existing CMVSF-licensed company and the acquisition results in a new FEIN, the acquiring business must submit a new Company License application through NMLS.

During the application process, upload documentation demonstrating the transfer event (such as a signed asset purchase agreement or similar supporting documentation) to the MU1 Document Uploads – Additional Requirement(s) section of NMLS. Name the file:

TX Proof of Transfer as of YYYY-MM-DD

If the seller has authorized the purchaser to operate under the seller’s license while the application is under review, applicants must also upload a completed Request for Permission to Operate form to the MU1 Document Uploads – Additional Requirement(s) section and name the file:

TX Permission to Operate as of YYYY-MM-DD

Has Ownership Changed, But the FEIN Remains the Same?

If the business FEIN remains the same, a new MVSF license application is generally not required solely because ownership has changed. Instead, ownership information should be updated in the applicable MU1 Company Record. For assistance updating ownership information in NMLS, contact the NMLS Call Center at 1-855-665-7123.

What Information and Documents Will I Need?

Before applying, review the applicable application checklist:

• Commercial Motor Vehicle Sales Finance Company License Checklist
  
• Commercial Motor Vehicle Sales Finance Branch License Checklist
  

Most licensing delays result from missing information, incomplete documentation, or application deficiencies. Reviewing the checklist before applying can help avoid delays.

Need Help with NMLS?

While NMLS provides enhanced functionality and a more streamlined licensing experience, OCCC staff do not have access to applicant NMLS accounts and cannot upload documents or perform account maintenance on your behalf.

For assistance with account creation, system navigation, document uploads, or account-related questions, contact the NMLS Call Center at 1-855-665-7123, Monday through Friday, 9:00 a.m. to 9:00 p.m. Eastern Time.

Forms:

• Business Plan
• Statement of Experience
• Statement of Retail Installment Contracts