California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 6 - California Financing Law
Article 9 - Repossession and Sale of Personal Property
Section 1542 - Records: Maintenance Required
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
A finance company shall maintain complete records of the repossession and sale or resale of any property securing a loan and such records shall include at least the following:
(a) A copy of the Department of Motor Vehicles affidavit of repossession if required.
(b) A copy of the security agreement if the original has been released.
(c) Evidence that the notice of sale required by Section 1537 of this Article was sent by registered or certified mail. If the notice was served personally, an affidavit to that effect shall be on file.
(d) 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.
(e) Invoices and/or receipts for payment of liens, expenses of repairs and expense of resale provided by Sections 1539 and 1541 of this Article.
(f) Evidence that the borrower was notified that existing insurance may be canceled by him/her.
Such records shall be maintained for a period of not less than two (2) years after the sale.
1. Amendment
of subsection (f) filed 12-29-83; effective thirtieth day thereafter (Register
83, No. 53).
2. Change without regulatory effect amending subsection
(c) and NOTE filed 6-14-95 pursuant to section
100, title 1, California Code of
Regulations (Register 95, No. 24).
Note: Authority cited: Section 22150, Financial Code. Reference: Sections 22150 and 22156, Financial Code.
