OMVIC Practice Test

True or False: Under the MVDA, all dealers are required to maintain a trust account.

1. False

2. True

The correct answer is: False

The Motor Vehicle Dealers Act (MVDA) does not require all dealers to maintain a trust account. This is because not all dealers handle financial transactions involving customer funds, thus a trust account may not be necessary for all dealers. However, the MVDA does require dealers that do handle customer funds, such as those offering financing or insurance services, to maintain a trust account. Therefore, the statement that all dealers are required to maintain a trust account is false, as not all dealers are subject to this requirement.