California Business and Professions Code 7507.3 – A repossession agency shall be required to keep and maintain adequate …
A repossession agency shall be required to keep and maintain adequate records of all transactions, including, but not limited to, assignment or repossession order forms; vehicle report of repossession required by § 28 of the Vehicle Code; vehicle condition reports, including odometer readings, if available; personal effects inventory; notice of seizure; and records of all transactions pertaining to the sale of collateral that has been repossessed, including, but not limited to, bids solicited and received, cash received, deposits made to the trust account, remittances to the seller, and allocation of any moneys not so remitted to appropriate ledger accounts. Records, including bank statements of the trust account, shall be retained for a period of not less than four years and shall be available for examination by the bureau upon demand. In addition, collateral and personal effects storage areas shall be made accessible for inspection by the bureau upon demand. An assignment or repossession order form may be an original, a photocopy, a facsimile copy, or a copy stored in an electronic format.
(Amended by Stats. 2016, Ch. 509, Sec. 3. (AB 1859) Effective January 1, 2017.)
Terms Used In California Business and Professions Code 7507.3
- Bureau: means the Bureau of Security and Investigative Services. See California Business and Professions Code 7500.1
- 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
- Electronic format: includes , but is not limited to, a text message, email, or internet posting. See California Business and Professions Code 7500.1
- Personal effects: means any property that is not the property of the legal owner and is not listed on the repossession assignment. See California Business and Professions Code 7500.1
- Repossession: means any of the following:
California Business and Professions Code 7500.1
- repossession order: means any written authorization by the legal owner, lienholder, lessor, lessee, or registered owner, or the agent of any of them, to skip trace, locate, or repossess any collateral, including, but not limited to, collateral registered under the Vehicle Code that is subject to a security agreement that contains a repossession clause. See California Business and Professions Code 7500.1
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC