California Business and Professions Code

§ 7503.9

BPC § 7503.9 Effective Jan 1, 1996Div. 3 · Ch. 11 · Art. 4

Statute text

(a)Except as provided in this section, a repossession agency license issued under this chapter is not assignable.

(b)A repossession agency may apply to the chief for consent and, upon receipt of the consent and payment of the processing fee authorized by Section 7511, may assign a license to another business entity as long as the direct and indirect owners of the assignor own all of the assignee immediately after the assignment.

Legislative history

Amended by Stats. 1995, Ch. 505, Sec. 9. Effective January 1, 1996.