OMVIC launches guidelines to support dealers in meeting their financial and non-financial responsibilities and obligations
- Published On
- March 21, 2023
These guidelines, developed in consultation with industry representatives, outline dealers’ financial and non-financial responsibilities and obligations. In doing so, they are intended to support dealers and ensure they can carry out their business effectively and provide good service to their customers. They’re also designed to clarify the legislative and regulatory requirements, as well as OMVIC’s expectations with respect to financial transactions in the automotive sales sector, and support OMVIC’s role as a modern regulator.
What do these guidelines contain?
In summary, the financial and non-financial responsibilities and obligations guidelines outline:
- Dealers’ responsibilities and obligations under the legislation, regulations, and Code of Ethics as it relates to integrity, accountability, compliance, respect and professionalism, among others
- In detail, the requirements are spelled out for:
- Financial responsibility
- Negative equity
- Leasing contracts and disclosures
- Advertising lease and credit offers
The dealer support team is available to assist dealers in achieving and maintaining compliance with the MVDA. Please contact dealer support at email@example.com 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.
OMVIC will be hosting an informational webinar to address any questions or comments on Friday, March 24th at 11:00 a.m. 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.