Collateral recovery: notice.

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. Existing law requires licensees to serve a debtor with a specified notice of seizure after the recovery of collateral by the licensee by regular mail addressed to the last known address of the debtor or by personal service at the option of the repossession agency. This bill would authorize the notice to instead be given by regular mail addressed to the current address of the debtor, if known, or by personal service, at the option of the repossession agency.