Final Answer:
The Truth in Mileage Act mandates that both the buyer and seller must sign and print their names on the Odometer Statement.
Step-by-step explanation:
The Truth in Mileage Act (TIMA) is a federal law designed to prevent odometer tampering and fraud during the sale of motor vehicles. The Act requires that a specific disclosure statement, known as the Odometer Statement, be provided by the seller to the buyer. The statement includes information about the vehicle's mileage, and it is a legal requirement that both the buyer and the seller sign and print their names on this document.
The rationale behind this requirement is to create a clear and legally binding record of the odometer reading at the time of sale. By having both parties sign and print their names, it ensures accountability and transparency in reporting the mileage information. This step is crucial in protecting buyers from unknowingly purchasing vehicles with altered odometer readings, which can impact the vehicle's value and condition.
In summary, the Truth in Mileage Act's stipulation that both the buyer and seller must sign and print their names on the Odometer Statement serves as a preventive measure against odometer fraud, promoting honesty and accuracy in the representation of a vehicle's mileage during the sale process.