Cal. Bus. & Prof. Code § 7507.115
Conduct of Business
Redline — January 1, 2011 → current.View current text →
Current — January 1, 2015
As of January 1, 2011
A licensee shall not appraise the value of any 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.”
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.