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.”
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