Learn about mandatory disclosure requirements
- Published On
- July 18, 2023
When a dealer does not make the required disclosures, they might face legal or regulatory action.Earlier guidelines on advertising and dealer inquiries covered some of this material. However, this new guideline is intended to provide a full overview of all disclosure requirements related to advertising, marketing, sales, and leasing.
What does this guideline contain?
This guideline covers the disclosures that registered dealers are required to make in their transactions with retail customers, other dealers, at auctions, etc. It explains in detail what constitutes a material fact disclosure and the requirements for disclosures in:
- Advertising and contracts
- Retail and wholesale transactions
- Sales of as-is vehicles, and
- Financing and lease offers.
The guideline also explains the potential consequences if a dealer fails to disclose what’s required. In some cases, such a failure can result in cancellation of a contract.
OMVIC will be hosting an informational webinar to address any questions or comments on Tuesday, July 25th at 1:00 p.m This webinar will feature information regarding the previously published guideline on auctions, as well as information on exemptions. Click here to register through Zoom.
Note: This information was created to assist dealers/salespeople and is not a legal document. Registrants are encouraged to obtain independent legal advice.
The dealer support team is available to assist dealers in achieving and maintaining compliance with the Motor Vehicle Dealers Act (MVDA). Please contact dealer support at firstname.lastname@example.org or by calling 1-800-943-6002 and leave a message if you have any questions or concerns. Messages are returned in a priority sequence.