Is it true or false that both the buyer and seller must sign and print their names on the Odometer Statement according to the Truth In Mileage Act?

The statement is true; both the buyer and seller are required to sign and print their names on the Odometer Statement as mandated by the Truth In Mileage Act. This regulation is designed to protect consumers from odometer fraud by ensuring that both parties acknowledge the recorded mileage at the time of sale.

The requirement for both signatures serves an important legal purpose: it enhances transparency in vehicle transactions and provides a clear record in case of disputes regarding the odometer reading. By having both the buyer and seller formally agree to the stated mileage, the act helps to establish accountability for the accuracy of the vehicle's mileage at the time of transfer.

Understanding this requirement is crucial for anyone involved in vehicle sales, whether as a professional salesperson or a private individual, to ensure compliance with federal regulations and to safeguard against potential legal issues related to odometer discrepancies.