(a) A repossession agency means and includes any person who, for any consideration whatsoever, engages in business or accepts employment to locate or recover collateral, whether voluntarily or involuntarily, including, but not limited to, collateral registered under the provisions of the Vehicle Code which is subject to a security agreement, except for any person registered pursuant to Article 7 (commencing with Section 7506).

(b) A repossession agency licensed pursuant to this chapter shall only transact business with another person or entity as an independent contractor.

Terms Used In California Business and Professions Code 7500.2

  • Collateral: means any specific vehicle, trailer, boat, recreational vehicle, motor home, appliance, or other property that is subject to a security agreement. See California Business and Professions Code 7500.1
  • Person: includes any individual, partnership, limited liability company, or corporation. See California Business and Professions Code 7500.1
  • Repossession: means any of the following:

    California Business and Professions Code 7500.1

  • Security agreement: means an obligation, pledge, mortgage, chattel mortgage, lease agreement, deposit, or lien, given by a debtor as security for payment or performance of a debt, by furnishing the creditor with a recourse to be used in case of failure in the principal obligation. See California Business and Professions Code 7500.1

(c) A repossession agency shall not allow a person or entity other than the qualified certificate holder, as provided in Section 7505.1, or the owner or officer of the repossession agency, to manage the day-to-day operations, operate, control, or transact business covered by this act, except as provided in Section 7503.3.

(Amended by Stats. 2014, Ch. 390, Sec. 1. (AB 2503) Effective September 17, 2014.)

  Previous section
Next section  
 Article 1 Contents