Final answer:
Depending on the jurisdiction, the Motor Vehicle Dealers Act (MVDA) may require dealers to maintain a trust account for certain transactions to ensure consumer protection. It's generally true for the 2002 version in Ontario, Canada.
Step-by-step explanation:
True or False: Under the MVDA, 2002 all dealers are required to maintain a trust account? The answer to this question is not universally true as regulations can vary by jurisdiction. However, in general, many motor vehicle dealer regulatory acts, such as the Motor Vehicle Dealers Act (MVDA) of 2002 in Ontario, Canada, do require dealers to maintain a trust account for certain transactions. This requirement is typically put in place to protect consumers' deposits and other payments by ensuring that these funds are kept separate from the general operations of the dealership. It helps in providing a safeguard against the misuse of funds.It is important for dealers to adhere strictly to the guidelines and regulations set forth by their governing bodies to ensure consumer protection and trust in the automotive industry. Therefore, depending on the specific MVDA applicable in the student's context, it might be true that dealers are required to maintain a trust account.