2011 California Code
Business and Professions Code
DIVISION 3. PROFESSIONS AND VOCATIONS GENERALLY [5000 - 9998.8]
ARTICLE 8. Conduct of Business
Section 7507.4
A licensed repossession agency or its registrants may make demand for payment in lieu of repossession, if the demand is made pursuant to an assignment for repossession.
In making demand upon a debtor for a money payment in lieu of repossession, the repossessor shall present the demand in compliance with the Rosenthal Fair Debt Collection Act (Title 1.6C (commencing with Section 1788) of Part 4 of Division 3 of the Civil Code), setting forth in the demand only the amount that was specified by the creditor in the repossession referral and the fees that are properly chargeable. Itemized receipts shall be furnished the debtor at the time payment is received. Payments received shall forthwith be transmitted to the creditor, disclosing the full amount of money received from the debtor in addition to the contract payments.
(Amended by Stats. 2000, Ch. 375, Sec. 1. Effective January 1, 2001.)
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