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OMVIC Compensation Fund Form & Notarization of the Affidavit of Claimant

The OMVIC’s Motor Vehicle Dealers Compensation Fund is a financial safety net designed to support car buyers who suffer financial losses due to the actions of licensed motor vehicle dealers. The Sworn Statement or Affidavit of Claimant part of the OMVIC Compensation Fund Form typically needs to be notarized. All-Canada Notary can assist you in notarizing the affidavit remotely or in one of our offices located near you.

OMVIC Compensation Fund Form

What is an OMVIC Compensation Fund Form?

The OMVIC Compensation Fund Form is the official document that claimants must complete and submit to apply for compensation. This form requires detailed information about the transaction, the dealer, the nature of the financial loss, and any other pertinent details that support the claim. It’s the starting point of the claim process, ensuring that OMVIC has all the necessary information to assess your case.

Do I need to notarize the OMVIC Compensation Fund Affidavit of Claimant?

Yes, the Affidavit of Claimant (Sworn Statement) part of the OMVIC Compensation Fund Form typically needs to be notarized. This legal step certifies that your statement is true and made under oath, adding a layer of verification to the claim. Notarization helps prevent fraud and ensures that all parties are accountable for the information provided.

Can I notarize the Affidavit of Claimant?

The Sworn Statement can be notarized online. You can book your appointment through our website or by calling +1 866-240-6060.

What are the steps of the compensation fund process?

The compensation fund process typically involves several key steps:

  1. Eligibility Check: Before proceeding, ensure that you meet the eligibility criteria outlined by OMVIC. This includes purchasing from a registered dealer and encountering specific types of financial losses.
  2. Documentation Gathering: Collect all necessary documents, such as the purchase agreement, any communication with the dealer, and evidence of the issue (e.g., unresolved lien, misrepresentation of vehicle condition).
  3. Filing the Claim: Complete the OMVIC Compensation Fund Form, attaching all required documentation and any additional evidence to support your claim.
  4. Notarize the Affidavit of Claimant: The Affidavit of Claimant (Sworn Statement) is a part of the OMVIC Compensation Fund Form and it should typically need to be notarized.
  5. Review Process: OMVIC reviews the claim to assess its validity and determine the compensation based on the guidelines.
  6. Decision: OMVIC communicates the decision to the claimant. If approved, the compensation amount is detailed. If denied, the reasons are provided, along with information on how to appeal.

Where do the funds come from?

OMVIC’s Motor Vehicle Dealers Compensation Fund is bolstered by the contributions of registered motor vehicle dealers across Ontario. These dealers contribute to the fund as part of their licensing fees, creating a financial pool to support car buyers who face losses due to dealer misconduct or fraudulent activities. If the fund drops below $3 million, dealers must make a payment to cover any shortfall.

What steps should I take if I encounter a lien issue with my vehicle?

The OMVIC intervenes by providing financial relief through the fund, addressing losses incurred from the dealer’s failure to clear the outstanding lien.

Who is eligible for compensation?

To be eligible, the transaction must have been with a dealer registered with OMVIC at the time of purchase. The issue must involve a non-payout of a lien on a traded-in vehicle, with the dealer having faced registration revocation, bankruptcy, or legal judgments. Applicants must also adhere to the claim submission timeline to be considered. Detailed guidelines are available on OMVIC’s website, offering a clear pathway for potential claimants to assess their qualifications.

When should consumers contact OMVIC’s Motor Vehicle Dealers Compensation Fund?

Immediate contact with OMVIC’s consumer support team is advised upon discovering unresolved lien issues, dealer bankruptcy, or misrepresentation of vehicle history. This proactive approach facilitates timely assistance, leveraging the fund to mitigate financial losses and legal complications.

Can I seek assistance from the fund for issues related to dealer bankruptcy?

Yes, the fund provides support for consumers left in the lurch due to dealer bankruptcy, offering a financial safety net in such unfortunate circumstances.

What if the vehicle’s history was misrepresented at the time of purchase?

Misrepresentation of vehicle history that leads to financial loss qualifies for compensation, reinforcing the fund’s role in addressing various facets of consumer grievances.

Is there a deadline for filing a claim with the compensation fund?

Claims must be filed within two years of the eligible issue’s occurrence, underscoring the importance of timely action to secure potential compensation.

What documentation is required to file a claim with the fund?

When filing a claim, it’s crucial to provide comprehensive documentation, including sales contracts, communication records with the dealer, and evidence of the financial loss or unresolved lien. This documentation serves as the foundation of your claim, enabling a thorough assessment by OMVIC.

How long does the claim process take?

The duration of the claim process can vary, depending on the complexity of the case and the completeness of the submitted documentation.

Are there any caps on the compensation amount?

Yes, there are limits to the compensation amounts, designed to ensure that the fund can adequately support all eligible claims. The specific caps are outlined in OMVIC’s guidelines, reflecting a balance between individual claimant support and the sustainable management of the fund.

Can I appeal if my claim is denied?

If a claim is denied, claimants have the right to appeal the decision. This process involves a review of the claim by a separate committee or board, providing an additional layer of scrutiny and fairness to ensure all factors and evidence have been considered.

 

What is an Affidavit and How Do I Notarize it?

Read More Here

Does the fund cover all types of vehicles?

The fund primarily covers vehicles purchased from OMVIC-registered dealers in Ontario. There are specific guidelines regarding the types of vehicles eligible, focusing on consumer purchases rather than commercial or business transactions.

What if the dealer is no longer in business?

Even if the dealer has ceased operations, consumers may still file a claim with the fund. The purpose of the fund is to protect consumers in situations where the dealer can no longer address the issue, including bankruptcy or business closure.

How is the compensation amount determined?

The compensation amount is determined based on the financial loss directly related to the dealer’s action or inaction. This calculation considers the nature of the issue, the cost to the consumer, and the applicable caps set by the fund.

What role does OMVIC play in the claim process?

OMVIC oversees the claim process, ensuring that claims are processed according to the established guidelines. They provide support to consumers throughout the process, from initial inquiry to the resolution of the claim.

Is there a fee to file a claim with the fund?

There is no fee to file a claim with the Motor Vehicle Dealers Compensation Fund. This ensures that all eligible consumers have access to the fund without

How can All-Canada Notary help?

All-Canada Notary offers a convenient and efficient solution for the notarization of the OMVIC Compensation Fund Sworn Statement / Affidavit of Claimant. With the flexibility of online notarization, you can have your affidavit notarized remotely, eliminating the need for physical presence and making the process more accessible and time-efficient. For those who prefer or require in-person service, All-Canada Notary also provides the option to visit one of their offices located near the claimant, ensuring a versatile approach to meet various preferences. Booking an appointment is straightforward and user-friendly, with options to schedule through their easy online booking system available on the website or by calling directly at 1 866-240-6060.