Section 7507.115 - No appraisal of value of collateral(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."Ca. Bus. and Prof'l. Code § 7507.115
Amended by Stats 2015 ch 740 (AB 281),s 6, eff. 1/1/2016.Amended by Stats 2014 ch 390 (AB 2503),s 4, eff. 9/17/2014.Added by Stats 2009 ch 307 (SB 821),s 81, eff. 1/1/2010.