Business and Professions Code § 7507.115

ARTICLE 8. Conduct of Business

Current as of September 28, 2026Bus. & Prof. Code, § 7507.115Official source ↗

Amended by Stats. 2015, Ch. 740, Sec. 6. (AB 281) Effective January 1, 2016.

(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.”