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HomeFinancial CodeDiv. 5Ch. 7Art. 4§ 15103 Credit Union Repossession Notice

§ 15103 Credit Union Repossession Notice

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 15103 Credit Union Repossession Notice

This law says if a credit union gets a notice about a car loan, they must tell the person they hire to find or take back the car about that notice.

Key Takeaways

  • •Credit unions must share important loan notices with the people they hire to find or take back cars.
  • •This rule helps make sure everyone knows about special situations with the loan.
  • •It applies when the credit union gets a notice under a specific law (Section 7507.6).

Example

You stop paying for your car loan, and the credit union hires someone to find and take back your car.

The credit union must tell the person they hire about any special notices they got about your loan.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 15103 Credit Union Repossession Notice

A credit union, or the agent of a credit union, that has received a notice pursuant to Section 7507.6 of the Business and Professions Code, shall not make a subsequent assignment to skip trace, locate, or repossess a vehicle without simultaneously, and in the same manner by which the assignment is given, advising the assignee of the assignment of the information contained in the notice. As used in this section, “assignment” has the same meaning set forth in Section 7500.1 of the Business and Professions Code. (Added by Stats. 2007, Ch. 192, Sec. 7. Effective September 7, 2007.)

Last verified: January 11, 2026

Key Terms

credit unionassignmentskip tracelocaterepossessSection 7507.6Section 7500.1Business and Professions Code

Related Statutes

  • § 1341 Bank Vehicle Repossession Notice
  • § 1252 Industrial Bank Control Restrictions
  • § 14958 Credit Union Loan Participation
  • § 14959 Credit Union Loan Transfers
  • § 15001 Credit Union Late Fees

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 15103.
View Official Source