Personal Property Appraisals Pursuant to Section 18266 of the California Financial Code

California Code Of Regulations
Title 10. INVESTMENT
Chapter 1. COMMISSIONER OF FINANCIAL INSTITUTIONS
Subchapter 40. INDUSTRIAL LOANS
Article 10. APPRAISALS

§ 40.1003. Personal Property Appraisals Pursuant to Section 18266 of the Financial Code

Appraisals 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 theproperty 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.

Source:
Note: Authority cited: Section 18347 , Financial Code. Reference: Section 18266 , Financial Code.