Salespeople
VSA Industry Dealer Alert
December 17, 2020
Release Agreements and Public Interest
At any point of the complaint process at the Vehicle Sales Authority, a registrant or licensee has the opportunity to settle a claim with a consumer. However, it is imperative to note that the settlement agreement must not include a term which requires the consumer to sign a release agreement, which effectively withdraws their complaint to the VSA, or agree to not participate in a VSA investigation.
What is a release agreement?
A release agreement is an enforceable agreement not to proceed with a legal claim in exchange for money or other compensation. A party (registrant or licensee) gives money or other consideration to a second party (the consumer). In exchange, the consumer agrees not to take legal action against the registrant or licensee.
A licensee may settle a monetary claim with a complainant. However, associating any benefit in a settlement to the withdrawal of a regulatory or disciplinary complaint is contrary to public policy, or the public interest. The regulatorโs greater duty is to protect the general public and not just the individual interests of the licensee and the complainant.
Reminder: When Wholesale Licences are Required
Anytime a motor dealer is buying or selling vehicles from another licensed dealer or wholesaler they are required to have a Wholesale Licence. This is a licence that can be added to your VSA Dealer Licence at no cost.
Click here for more information on wholesalers licences for dealers.
For more details on wholesale transaction requirements, click here.
VSA Online Licensee Services Account
The VSA has a newly updated website and Online Licensee Services portal. Please note that you will not be able to access your Online Licensee Services account to renew your licence with your previous login information- you will be emailed your new login information prior to your licence renewal. Once you receive your new login information, you will be able to renew your licence and register for Continuing Education in one easy step.
If you have any questions about your licence renewal, please contact VSA Licensing by email or by calling
604-575-7256.
The VSA is wishing you and your loved ones Happy Holidays. Please stay safe and healthy this holiday season!
