OMVIC Practice Test

Under the Transaction Fee Program, how much are dealers required to remit to OMVIC for each vehicle sold or leased?

1. $5

2. $12.50

3. $15

4. $20

The correct answer is: $12.50

Under the Transaction Fee Program, dealers are required to remit a fee of $12.50 to OMVIC for each vehicle sold or leased. This fee is structured to support the regulatory activities and consumer protection initiatives that OMVIC is responsible for. The fee helps fund the operation of the organization, including enforcement of the Motor Vehicle Dealers Act and educational programs for both dealers and consumers. This amount was established to ensure that OMVIC can continue to provide oversight in the automotive sector, promoting ethical practices and protecting the interests of consumers. The other amounts listed, while they may represent fees in other contexts, do not align with the set fee for the Transaction Fee Program, which emphasizes the importance of the established $12.50 fee specifically.