Section 40.1003 - Personal Property Appraisals Pursuant to Section 18266 of the Financial CodeAppraisals of personal property pursuant to Section 18266 of the Financial Code shall be in accordance with a written appraisal policy approved by the board of directors of the industrial loan company.
At a minimum, the written appraisal policy shall require that:
(a) The appraisal be in writing, be signed by the appraiser, identify the loan or obligation involved, describe the property and whether or not inspection of the property shows it to be in good marketable condition, describe the procedures involved in making the appraisal, state the fair market value of the property and the basis for determining it, and be maintained in the file.(b) If the loan or obligation involved has an outstanding principal balance of $25,000 or more, the appraisal shall be made by an independent appraiser. If the loan or obligation involved has an outstanding principal balance of less than $25,000, the appraiser may be a company employee if qualified, but the appraiser shall not be interested either directly or indirectly in any way as a recipient of the loan.Cal. Code Regs. Tit. 10, § 40.1003
1. Change without regulatory effect renumbering former section 1213 to new section 40.1003 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 18266, Financial Code.
1. Change without regulatory effect renumbering former section 1213 to new section 40.1003 filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).