OMVIC Questions and Answers with Certified Solutions

OMVIC Questions and Answers with Certified Solutions What is the primary legislation governing Ontario's retail automotive sector? MVDA Which body or agency enforces MVDA? OMVIC How many people compose OMVIC's board of directors? 12 in total, 9 dealers and 3 consumer reps What is the "transaction fee program"? under the transaction fee program, dealers are required to remit $10 for each vehicle sold or leased to OMVIC. These funds are remitted annually with the dealers registration renewal fee. T or F: the fee can be passed on to the consumer True What is OMVIC required to make available to the public? A dealers name, address and phone number; a salespersons name; any proposal to refuse to renew, suspend or revoke the registration of a dealer or salesperson Should OMVIC determine a dealers advertising to be false or misleading what powers do they have to stop or correct it? Order to the dealer to cease publication and or issue a retraction or correction If an order is used to stop or correct false advertising, for how long may the dealer need to seek OMVIC pre approval for future advertising? up to 2 years What is the minimum age requirement to become a dealer? 18 If a person has been refused registration, what are 2 conditions that have to be met before the person can reapply? 2 years have passed; new evidence to demonstrate circumstances If OMVIC issues a proposal to refuse registration, to whom can the applicant appeal? LAT (license appeal tribunal ), Independent judicial body called LAT, within 15 days of receiving the proposal List the 4 classes of dealers General dealer, Broker, Exporter, Wholesaler, Lease finance dealer List 3 examples of individuals or businesses that are exempt from registration Wholesale auction, wrecker, lawyer Where is the certificate of the dealer registration kept? Where the public can see it T or F: Dealers may sell vehicles from any location so long as they have registered a head office with OMVIC False T or F: the MVDA specifies the records a dealer must maintain- these records must be held for at least 6 years. True Which records of employees must be maintained? Employee names, proof of payments, and employee salaries If a dealer's records are destroyed or stolen, the dealer must notify? OMVIC, in writing, within 5 days In order for a remote storage location to be approved by OMVIC, which condition must be met? The location is always accessible to OMVIC staff during normal business hours T or F: Under the MVDA, all dealers are required to maintain a trust account False Deposits over what amount must be kept in a trust account? $10 000 (ten thousand) T or F: Before issuing a freeze order (freezing the dealer's assets or trust funds), OMVIC must first notify the dealer False On a purchase contact, what must be printed in 14 pt. bold font next to the buyer's signature? This "sales final" statement on the same page as the buyer's signature and adjacent to the signature If a dealer does not have a specific new vehicle in stock, but will locate the vehicle and bring it in, what must be disclosed to the purchaser regarding the mileage? A maximum distance that will be shown on the odometer at the same