OMVIC can also refuse, revoke or suspend registration to a dealer, salesperson or corporation if the financial responsibility or past conduct of an "interested person in respect of the applicant/registrant" gives reasonable grounds for it.
OMVIC would consider someone to be an "interested person" if, in OMVIC’s opinion:
- The person has or may have a beneficial interest in the business.
- The person exercises or may exercise control either directly or indirectly over the dealer/salesperson.
- The person has provided or may have provided financing either directly or indirectly to the business.
An interested person would include an "associated person" as defined below.
One person is associated with another person in any of the following circumstances:
- One person is a corporation of which the other person is an officer or director. Officer/director includes anyone who carries out duties normally performed by an officer/director.
- One person is in a partnership of which the other person is a partner.
- Both persons are partners of the same partnership.
- One person is a corporation that is controlled directly or indirectly by the other person.
- Both persons are corporations and one corporation is controlled directly or indirectly by the same person who controls directly or indirectly the other corporation.
- Both persons are members of the same voting trust relating to shares of a corporation.
- Both persons are associated within the meaning of paragraphs one to six (above) with the same person. Officer/director includes anyone who carries out duties normally performed by an officer/director.