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Earlier editions: 2020-112018-11

DIVISION 3. PROFESSIONS AND VOCATIONS GENERALLY 5000-9998.12›CHAPTER 11. Repossessors 7500-7511.5›ARTICLE 8. Conduct of Business 7507-7507.13

§ 7507.115

California Business and Professions Code · 2026 edition · updated 2026-10-04 · California

(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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California Business and Professions Code

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