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OK House Committee Passes Bill Amending Terms of Lien Releases
Tuesday, March 31, 2015 7:00 AM

On Monday, March 30, the Oklahoma House Appropriations and Budget Subcommittee on General Government passed SB465 with a vote of 9-1. SB465 amends the terms of lien releases in the event of a total loss to expedite the release process.

The bill originally passed the Senate floor with a vote of 42-5. Oklahoma credit unions had serious concerns with the bill as originally drafted. The version presented to the committee was amended after lengthy negotiations with the Oklahoma Credit Union Association, the Bankers Association, and Farmers Insurance.

The bill now heads to the House for full consideration.

For more information, please contact Nate Webb, president, Oklahoma Credit Union Association, at nwebb@okcua.coop or (405) 445-1510.