California Business and Professions Code 7507.115 – (a) A licensee shall not appraise or determine the value of any …
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(a) A licensee shall not appraise or determine the value of any collateral, whether damaged or not.
(b) (1) Notwithstanding subdivision (a), a licensee may complete a condition report that makes a general assessment of the collateral.
Terms Used In California Business and Professions Code 7507.115
- 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
- Licensee: means an individual, partnership, limited liability company, or corporation licensed under this chapter as a repossession agency. See California Business and Professions Code 7500.1
- Subdivision: means a subdivision of the section in which that term occurs, unless some other section is expressly mentioned. See California Business and Professions Code 15
(2) A condition report does not include all damage or missing parts.
(3) A condition report shall include the following statement: “In accordance with § 7507.115 of the Business and Professions Code, this condition report is a general assessment of the collateral and does not include all damage or missing parts.”
(Amended by Stats. 2015, Ch. 740, Sec. 6. (AB 281) Effective January 1, 2016.)