Dealers are legally required to close on Good Friday, April 18^th and on Easter Sunday, April 20^th, unless their local municipality has passed a by-law exempting retail businesses from the requirement to close on those statutory holidays. If in doubt, check with your local municipality’s by-law department.

Dealers may be open on Saturday, April 19^th, and on Easter Monday, April 21^st, which is not a statutory holiday.

The UCDA search facility will be closed on Good Friday and Easter Sunday, but will be open as usual from 9:00 a.m. to 5:00 p.m. on Saturday, April 19^th and from 9:00 a.m. to 8:00 p.m. on Monday, April 21^st.

On-line searches can be done all weekend at:

www.ucdasearches.com

Lien searches requested on Good Friday and Easter Sunday will be available the following day.

Effective April 1, 2025 all dealers who finance or lease passenger class vehicles (or other vehicles valued over $100,000) will be expected to:

• implement an Anti-Money Laundering compliance program
• comply with FINTRAC customer verification requirements
• be required to report a variety of types of transactions to FINTRAC   
• keep records according to FINTRAC guidelines

A financing or leasing entity is subject to the Act and associated Regulations when they engage in the financing or leasing of:

• property for business purposes, other than real property or immovables
• property valued at $100,000 or more, other than real property or immovables
• passenger vehicles in Canada

A passenger vehicle is a motor vehicle – other than an ambulance, a hearse, a motor vehicle that is clearly marked for policing activities, a motor vehicle that is clearly marked and equipped for emergency medical response activities or emergency fire response activities or a utility truck – that is designed or adapted primarily to carry no more than 10 individuals on highways and streets.

FINTRAC have signaled that, for the first year, they are going to focus on education rather than enforcement:

“In the first year following the coming into force dates, FINTRAC will put emphasis on engagement, outreach and guidance activities related to new regulatory obligations in order to foster greater awareness and understanding amongst new reporting entities. This will include industry consultation to develop guidance so new reporting entities will be well positioned to implement and mature their compliance programs.”

The FINTRAC link contains useful guidance on how you can set yourself up for compliance and avoid the fines and penalties for failing to do so by 2026:

https://fintrac-canafe.canada.ca/re-ed/lease-bail-eng

Since late November of 2024, the UCDA has been receiving calls from dealers who have released vehicles to purchasing consumers who have financed their purchases through OCM Auto Financing Group Ltd. (“OCM”) https://ocmcorporation.com/

The concerns our Members have shared with us, is that OCM is late in paying them, and they are left anxious for weeks or months, as their customers are driving vehicles they sold and released to them, and for which they have not been paid.

We discussed these concerns with OCM at the time, in hopes that funding difficulties would be swiftly resolved, but as we have continued to receive calls and emails, and as recently as this week several more, the time has come to issue a warning to UCDA Members.

If you are considering selling a vehicle to a consumer who is financing their purchase with or through OCM:

Do not release the vehicle to the consumer until you are paid.

The UCDA has always advised dealers not to deliver financed vehicles to consumers until you have the funds in your account, but we realize this is not always practical.  In such cases obtain assurance, in writing, BEFORE you deliver the vehicle as to how long you can expect to wait to receive funding and then make your decision accordingly.

For dealers who have already released their vehicle and have yet to be paid, and despite attempts to get OCM to advance funding, remain unpaid, your options are to retain legal counsel, and get advice as to registering a lien on the vehicle, possibly repossessing it from the consumer or taking legal action.

It is also good practice to explain the situation to the consumer prior to any action so they understand the circumstances and they might be able to talk to OCM as well to avoid the need for further steps.