California Business and Professions Code 7507.4 – A licensed repossession agency or its registrants shall not make …
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A licensed repossession agency or its registrants shall not make demand for payment in lieu of repossession and shall not sell collateral recovered under this chapter.
(Amended by Stats. 2013, Ch. 340, Sec. 3. (AB 791) Effective January 1, 2014.)
Terms Used In California Business and Professions Code 7507.4
- 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
- Repossession: means any of the following:
California Business and Professions Code 7500.1