California Codes, Business and Professions Code - BPC, Division 3 — Professions and Vocations Generally, Chapter 11 — Repossessors, Article 8 — Conduct of Business, Section 7507.115
(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.”
Notes
Prohibits a licensee from appraising or determining the value of collateral, whether damaged or not, but allows completion of a condition report making only a general assessment. The report does not include all damage or missing parts and must contain the specified statutory statement explaining that limitation.
Use as reference
Lexinter.net | California Code, Business and Professions Code - BPC § 7507.115 | https://laws.lexinter.net/codes/california/business-and-professions-code/division-3/chapter-11/article-8/section-7507-115