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Motor Vehicle Dealing (Ontario)
Legal Guide
Ch.8 - Records
(20 June 2021)- Transaction Records
- Financial Records
1. Transaction Records
The MVDA requires dealers to maintain a range of records, including records regarding [Reg 52-57]:- all motor vehicles coming into their 'possession' (both dealer-owned and otherwise) [Reg 52];
- trades and contracts (eg. sales, leases, trade-ins, facilitated sales, consignment sales, purchases by the dealer, extended warrranty sales, etc) [Reg 53];
- business records [lists of employees, associated persons, non-trust bank accounts (see below)], and financing (loans and security) [Reg 54].
Dealers are also required to maintain records of "second-hand motor vehicles, trailers or bicycles" [s.60(1) HTA], and serial numbers of replaced engine or cylinder blocks [HTA, Reg 595: "Garage Licenses", s.4].
Such MVDA records shall be maintained for six years [Reg 56].
2. Financial Records
The MVDA requires dealers to maintain, with some exceptions, bank (non-trust) [Reg 59] and trust accounts [MVDA 25, Reg 58].
As well, dealers must maintain records of names of persons with the signing authority for trade transactions and bank and trust accounts [Reg 60].
Such MVDA records shall be maintained for six years [Reg 56].
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