Renewal Application for Motor Vehicle Time Sales Act - Missouri

Renewal Application for Motor Vehicle Time Sales Act is a legal document that was released by the Missouri Division of Finance - a government authority operating within Missouri.

FAQ

Q: What is the Motor Vehicle Time Sales Act?
A: The Motor Vehicle Time Sales Act is a regulation in Missouri that governs the financing of motor vehicle purchases.

Q: Who needs to complete a renewal application?
A: Dealers or entities engaged in retail sales of motor vehicles on an installment basis need to complete a renewal application.

Q: When should the renewal application be completed?
A: The renewal application should be completed at least 30 days prior to the expiration date of the current license.

Q: What information is required in the renewal application?
A: The renewal application requires information such as the legal name of the business, address, contact information, and any changes in ownership or business structure.

Q: What is the fee for renewing a license?
A: The fee for renewing a license is based on the gross annual sales of motor vehicles and ranges from $50 to $300.

Q: Are there any additional requirements for the renewal application?
A: Yes, dealers are required to submit a surety bond, provide proof of liability insurance, and show compliance with the Missouri Uniform Commercial Code.

Q: What happens if the renewal application is not submitted on time?
A: If the renewal application is not submitted on time, the dealer may face penalties, including suspension or revocation of their license.