{"code":"BPC","codeName":"Business and Professions Code","section":"7507.115","citation":"Bus. & Prof. Code, § 7507.115","status":"in-force","lawOn":"2026-09-28","headings":[{"name":"DIVISION 3. PROFESSIONS AND VOCATIONS GENERALLY [5000. - 9998.12.]","url":"https://blackletter.si/business-and-professions-code/division-3"},{"name":"CHAPTER 11. Repossessors [7500. - 7511.5.]","url":"https://blackletter.si/business-and-professions-code/division-3/chapter-11"},{"name":"ARTICLE 8. Conduct of Business [7507. - 7507.13.]","url":"https://blackletter.si/business-and-professions-code/division-3/chapter-11/article-8"}],"history":"Amended by Stats. 2015, Ch. 740, Sec. 6.   (AB 281)   Effective January 1, 2016.","effective":"2016-01-01","html":"<p>(a) A licensee shall not appraise or determine the value of any collateral, whether damaged or not.</p><p>(b) (1) Notwithstanding subdivision (a), a licensee may complete a condition report that makes a general assessment of the collateral.</p><p>(2) A condition report does not include all damage or missing parts.</p><p>(3) A condition report shall include the following statement: “In accordance with Section <a href=\"/bpc/7507.115\">7507.115</a> 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.”</p>","text":"(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.”","otherVersions":[],"url":"https://blackletter.si/business-and-professions-code/conduct-of-business-7507-115","source":"California Legislative Information bulk export (pubinfo)"}