AB 2503 Summary

• Requires repossession agencies to transact business only with independent contractors and prohibits unlicensed persons from managing day-to-day operations under a repossession license.

• Expands criminal liability to buy-here-pay-here dealers who knowingly engage unlicensed repossessors, with a $5,000 fine penalty.

• Prohibits repossessors from appraising or determining collateral value and requires condition reports to include a statement that they do not document all damage or missing parts.

• Mandates repossessors notify law enforcement within one hour of repossession with specific information and establish that vehicles obtained as collateral release are exempt from registration requirements during transport to storage or legal owner facilities.

• Creates new infraction for interfering with vehicle transport by licensed repossessors and establishes immediate effect as an urgency statute.