Cal. Code Regs. Tit. 10, § 1538 - Evidence of Fair Market Value
A finance company shall maintain in its records evidence that the fair market value of the property was obtained and credited to the account of the borrower. Such evidence shall be in the form of:
(a) A report or other record which describes the condition of the collateral at the time of repossession; and
(b) Any of the following:
(1) Three (3) or more signed bids from persons not associated directly or indirectly with the finance company which show the name and address of each bidder, the date of bid and an adequate description of the property; or
(2) A copy of a statement of sale from the auction house which shows the gross sales price, sales commissions and any other costs of sale; or
(3) Some other form acceptable to the commissioner establishing value.
Note: Authority cited: Section 22150, Financial Code. Reference: Sections 22150 and 22156, Financial Code.
2. Change without regulatory effect amending Note filed 6-14-95 pursuant to section 100, title 1, California Code of Regulations (Register 95, No. 24).
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