OMVIC Chapter 1-18 questions and answers

What is the primary legislation governing Ontario's retail automotive sector? - correct answer-Moter Vehicle Dealers Act, 2002 Which body or agency enforces MVDA? - correct answer-OMVIC List Three Functions carried out by OMVIC - correct answer-1) Administers and enforces the MVDA 2) Inspects dealers 3)Maintains a complaint line for consumers 4) Conducts investigations 5) Conducts disciplinary hearings 6) Conducts prosecutions 7) Administers the Compensation Fund How many people compose OMVICS board of directors? How many dealers ? How many consumers? - correct answer-12 total 9 dealer 3 consumer Briefly explain the "Transactional Fee Program" - correct answer-Under the transaction fee program , dealer are required to remit $10 for each vehicle sold or leased (included fleet and "as is" transactions ) to OMVIC. These funds are remitted annually with the dealers registration renewal fee. True or False: The transaction fee can be passed along to the customer? - correct answer-True