Final answer:
The statement is false; OMVIC can issue a freeze order on a dealer's assets or trust funds without prior notice to protect the public or other parties' interests.
Step-by-step explanation:
True or False: Before issuing a freeze order (freezing the dealer's assets or trust funds), OMVIC must first notify the dealer? The statement is False. The Ontario Motor Vehicle Industry Council (OMVIC) has the authority to issue a freeze order on a dealer's assets or trust funds without prior notice if it believes that the action is necessary to protect the public interest or the interests of any person. This measure is often taken in situations where there is a concern that the dealer might otherwise dissipate assets, which would be detrimental to customers or other parties owed money or goods. This is based on the principles of due process and fairness. OMVIC must provide the dealer with an opportunity to respond and defend against the allegations before freezing their assets.