If you are registered as a broker, you must make sure that any contract you enter into to facilitate a trade in a motor vehicle on behalf of someone who is not a registered dealer includes, in a clear, comprehensible and prominent manner, the following:
- The name and address of the customer.
- Your registered name and registration number together with your legal name if it is different from your registered name.
- Your business telephone number and other ways you can be contacted.
- Anything the customer has specified with respect to the vehicle or an explicit statement that the customer has not specified anything with respect to the vehicle if that is the case.
- If the customer is prepared to trade in a motor vehicle in connection with the trade, a description of the motor vehicle to be traded in and the minimum amount for the trade-in that is acceptable to the customer.
- An itemized list of the charges, if any, that the customer will be required to pay you, including any taxes on those charges.
- The total charges, if any, payable by the customer to you, including taxes, and the terms and method of payment.
- If you will receive compensation from any person other than the customer, a statement of that fact and the name of the person from whom you will receive compensation. This statement must be initialed by the customer.
- The duration of the contract and any terms relating to the early termination of the contract.
- The date the contract is entered into.
- All restrictions, limitations and conditions imposed on the customer under the contract.
- The following statement (in 12-point bold font):
Any payment for the purchase or lease of a motor vehicle should be made directly to the seller or lessor, as the case may be. A broker is prohibited from taking or handling funds that are used to pay for the purchase or lease. A broker is not authorized to make promises on behalf of any person.
- Note: If this statement does not appear on the first page of the contract, it must be initialed by the customer.
- A statement which includes the following information (in 12-point bold font):
OMVIC’s contact information, including its website address, telephone number (including any toll free number) and its Trademark.
Brokerage contracts must be signed by the parties and the customer must receive a copy immediately after signing it.