OMVIC Practice Test 2025 – 400 Free Practice Questions to Pass the Exam

OMVIC has the authority to refuse, revoke, or suspend registration for both dealers and salespersons when there are concerns regarding the financial responsibility of an "interested person." This means that if an individual or entity involved in a dealership has financial issues that may affect their ability to operate ethically or responsibly within the automotive sales industry, OMVIC can take action to protect consumers and uphold the integrity of the marketplace.

In practice, this includes scenarios where a dealer or salesperson’s financial background raises red flags, such as previous bankruptcies or defaults that could indicate a lack of capability to manage fiduciary responsibilities. By having the ability to act on both dealers and salespersons, OMVIC ensures a comprehensive oversight mechanism that maintains a standard of practice across the industry.