California Code of Regulations
Title 10 - Investment
Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions
Subchapter 40 - Industrial Loans
Article 11 - Repossession and Sale of Personal Property
Section 40.1105 - Records: Maintenance Required

Universal Citation: 10 CA Code of Regs 40.1105

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

(a) An industrial loan company shall maintain complete records of the repossession and sale or resale of any property securing a loan and shall include at least the following:

(1) A copy of the Department of Motor Vehicles affidavit of repossession if required.

(2) A copy of the security agreement if the original has been released.

(3) Evidence that the notice of sale required by Section 9504(3) of the Commercial Code was sent by registered or certified mail. If the notice was served personally an affidavit to that effect shall be on file.

(4) A copy of a bill of sale for collateral other than a vehicle for which an affidavit of repossession was prepared. The bill of sale shall include the purchaser's name, address and gross sales price.

(5) Invoices and receipts for payment of liens, expenses of repairs and expenses of resale provided by Sections 40.1102 and 40.1104 of this Chapter.

(6) Evidence that the borrower was notified that existing insurance may be canceled by the borrower.

(b) These records shall be maintained for a period of not less than two (2) years after the sale.

1. Change without regulatory effect renumbering and amending former section 1227 to new section 40.1105 filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).

Note: Authority cited: Section 18347, Financial Code. Reference: Section 18029, Financial Code.

Disclaimer: These regulations may not be the most recent version. California may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.