Obtaining an Entity Identification Number (EIN) from the New Jersey Motor Vehicle Commission (MVC) is crucial for businesses involved in vehicle transactions. This number, formerly known as Corporation Code (Corpcode), is a 15-digit code required for various processes, including establishing a lien on a vehicle. This article outlines how financial institutions, particularly banks, can obtain the necessary EIN to place a lien code on a car scanner.
Understanding the EIN Application Process for Banks
The MVC issues EINs to businesses operating in New Jersey. Before applying for an EIN, businesses must first register with the New Jersey Division of Revenue and obtain a Federal Tax ID Number (FEIN).
Specific requirements exist for different business structures:
- Corporations, Limited Partnerships, LLPs, LLCs: These entities must file organizational documents with New Jersey Commercial Recording.
- Sole Proprietorships and Partnerships: While not required to register with Commercial Recording, they must provide a Business Registration Certificate or Tax License from the New Jersey Division of Revenue, or proof of registration with the County Clerk.
For banks seeking to establish a lien, the process involves several key steps:
- Complete the Application: Fill out the EIN Application (Form BA-8), downloadable from the MVC website.
- Submit the Application: Scan and email the completed Form BA-8 to [email protected].
- Provide Identification: Out-of-state banks must submit a color photocopy of their authorized signatory’s driver’s license or other photo identification, along with their mailing address, fax number, and telephone number. New Jersey banks can submit a valid NJ driver’s license.
- Proof of FEIN: Submit proof of the bank’s Federal Employee Identification Number from the IRS.
- Proof of Legal Operation: Submit documentation proving the bank is legally authorized to conduct business in New Jersey, such as a Certificate of Formation or Certificate of Incorporation.
- Banking Commission Documents: This is crucial for banks. Submit documents from the banking commission to verify your institution’s legitimacy and authority.
EIN Approval Process and Important Considerations
The EIN approval process typically takes up to five business days. The MVC will notify the applicant via email or mail.
Here are some important factors to keep in mind:
- Timeframe: EINs are not issued immediately. Expect a processing time of several business days.
- Inquiry: You can inquire about your application status after three business days by emailing [email protected] or calling (609) 292-6500 ext. 5003.
- Complete Information: Ensure the application is complete and accurate to avoid processing delays. Incomplete applications will hinder the review process.
- Dealership Transactions: If the vehicle transaction is handled by a dealership, the approved EIN can be provided directly to them.
Addressing Changes and Out-of-State Banks
Changes to company address or name require submitting an amended Form BA-8 within seven days of the change. Out-of-state banks with vehicles garaged, titled, and registered in New Jersey can also apply for an EIN. They should follow the same application steps as in-state banks. If the bank’s headquarters already possesses an EIN, that number must be used. Contact information should be provided for a faster response.
Conclusion
Obtaining an EIN is a necessary step for banks to place lien codes on car scanners in New Jersey. By understanding the process and requirements, financial institutions can ensure smooth vehicle transactions. Following the guidelines outlined above, and providing the necessary documentation, specifically the banking commission documents, will expedite the process and ensure compliance with New Jersey regulations.
