1. (a) A report or other record which described the condition of the collateral at the time of repossession; and

2. (b) Any of the following:

   1. (1) Three or more signed bids from persons not associated directly or indirectly with the industrial loan company which show the name and address of each bidder, the date of bid and an adequate description of the property; or
   2. (2) A copy of a statement of sale from the auction house which shows the gross sales price, sales commissions and any other costs of sale; or
   3. (3) Some other form acceptable to the Commissioner establishing value.

An industrial loan company shall maintain evidence that the fair market value of the property was obtained and credited to the account of the borrower. The evidence shall be:

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

History

1. Change without regulatory effect renumbering former section 1223 to new section 40.1101 filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).