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2020 California Code
Business and Professions Code - BPC
DIVISION 3 - PROFESSIONS AND VOCATIONS GENERALLY
CHAPTER 11 - Repossessors
ARTICLE 8 - Conduct of Business
Section 7507.115.
Universal Citation: CA Bus & Prof Code § 7507.115 (2020)
7507.115.
(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.
(2) A condition report does not include all damage or missing parts.
(3) A condition report shall include the following statement: “In accordance with Section 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.)
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