Equipment Financiers Must Take Action
On April 1, 2009, the long awaited Motor Vehicle Dealer's Act, 2002 ("Act") is anticipated to come into force. This Act will have a broad impact to all motor vehicle dealers, the equipment finance community and sellers of extended warranties. Specific action is required by all dealers and equipment financiers of motor vehicles in Ontario. The first action step under the Act will be to file for an appropriate designation under the Act. This designation must be sent to the Ontario Ministry of Transportation by no later than February 27, 2009. Over the course of the next few weeks, we will be sending further email alerts as to the salient provisions of the Act which dealers and motor vehicle equipment financiers should be aware. This email is strictly to advise you that the Act will be coming into force as of April 1, 2009 and that action need be taken.