OMVIC stands for Ontario Motor Vehicle Industry Council. OMVIC's mandate is to maintain a fair, safe and informed marketplace by protecting the rights of consumers, enhancing industry professionalism and ensuring fair, honest and open competition for registered motor vehicle dealers.
Dealers are required to remit $5 for applicable transactions as of February 1, 2008. The applicable date for determining whether a particular transaction is subject to the transaction fee is the date the agreement with the customer was entered into (i.e. not the date the vehicle is delivered or the date registration is transferred to the customer).
The Ontario Motor Vehicle Industry Council enforces the Motor Vehicle Dealers Act (MVDA).
"As the regulator of motor vehicle sales in Ontario, OMVIC's mandate is to maintain a fair, safe and informed marketplace by protecting the rights of consumers, enhancing industry professionalism and ensuring fair, honest and open competition for registered motor vehicle dealers.
It's important car buyers understand the protections and rights they have depends entirely upon whom they buy from. Consumers who purchase from registered dealers are protected by OMVIC and are entitled to full disclosure and all-in pricing. Consumers who buy privately have NO protection; no consumer law covers private transactions."
For full information on OMVIC please see this website.