The Collateral Recovery Act, a violation of which is punishable as a misdemeanor, provides for the licensure and regulation of repossession agencies by the Bureau of Security and Investigative Services under the supervision and control of the Director of Consumer Affairs. The act authorizes the director to suspend or revoke a repossession agency license, a qualification certificate, or registration if the director determines that the licensee or the licensee's manager, if an individual, or if the licensee is a person other than an individual, that any of its officers, partners, registrants, employees, or its manager, has been convicted of a felony or a crime substantially related to the repossession agency business, including illegally using, carrying, or possessing a deadly weapon, which the act defines as any instrument or weapon of the kind commonly known as a blackjack, slungshot, billy, sandclub, sandbag, metal knuckles, dirk, dagger, pistol, or revolver, or any other firearm, any knife having a blade longer than 5 inches, any razor with an unguarded blade, and any metal pipe or bar used or intended to be used as a club.
This bill would, among other things, redefine "deadly weapon" to mean an instrument or weapon of the kind commonly known as a firearm. The bill also would define "repossession" to mean, among other things, when the repossessor gains control of the collateral.
The act prohibits a repossession agency license that has not been renewed within 3 years after its expiration from being renewed, restored, reinstated, or reissued thereafter.
This bill would instead prohibit a repossession agency license that has not been renewed within 10 years after its expiration from being renewed, restored, reinstated, or reissued thereafter. The bill would require, in the case of a qualified manager of a repossession agency that has died, that the qualified manager's parents, siblings, children, or grandchildren be allowed to reinstate and retain the old F or repossession agency number by paying the current renewal fee and meeting the requirements of the act.

Statutes affected:
AB 2759: 7500.1 BPC, 7503.14 BPC, 7504.4 BPC, 7506.7 BPC, 7508.2 BPC
02/20/20 - Introduced: 7500.1 BPC, 7503.14 BPC, 7504.4 BPC, 7506.7 BPC, 7508.2 BPC
AB2759: 7500.1 BPC, 7503.14 BPC, 7504.4 BPC, 7506.7 BPC, 7508.2 BPC