OMVIC Practice Test

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Prepare for the OMVIC Practice Test. Study with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your OMVIC exam!

Practice this question and more.

True or False: Before issuing a freeze order (freezing the dealer's assets or trust funds), OMVIC must first notify the dealer.

True
False

The correct answer is: False

OMVIC does not need to notify the dealer before issuing a freeze order. According to the regulations, OMVIC has the authority to issue a freeze order without any prior notice to the dealer in order to protect consumers and the public interest. This is to ensure that the dealer does not dissipate or transfer any assets or trust funds while investigations are ongoing. Therefore, option A is incorrect.