Cal. Code Regs. Tit. 10, § 1541 - Credit or Refund upon Resale After Repossession

If a finance company, or any affiliate of such finance company, or any company in which it has some interest, or any company in which any person connected with the finance company has some interest, purchases any property securing a loan at any sale after repossession, the finance company shall:

(a) At the time of purchase, credit or refund to the borrower an amount at least equal to the fair market value of such property as determined under Section 1538 of these rules.

(b) Upon a resale of such property, credit or refund to the borrower the gross amount for which such property is resold less the amount of credit or refund made under subsection (a) of this rule, and any expenses of repairing or reconditioning such property made after its purchase and any expenses of resale, provided that any such expenses shall not exceed the actual outlay therefor.

(c) Not resell such property to any of the persons described in Section 1540 of these rules.

Notes

Cal. Code Regs. Tit. 10, § 1541

Note: Authority cited: Section 22150, Financial Code. Reference: Section 22150, Financial Code.

1. Amendment filed 12-29-83; effective thirtieth day thereafter (Register 83, No. 53).
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).