(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: âIn 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.â
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