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Oklahoma Governor Mary Fallin Signs CU Request Bill to Tighten Regulations on Tow Truck Industry
Wednesday, June 4, 2014 7:00 AM

Oklahoma Governor Mary Fallin on Tuesday signed SB0582 into law, marking the final hurdle for a bill drafted on behalf of Oklahoma credit unions. As reported in the May 30 issue of the Leaguer, SB0582 was designed to address the questionable business practices among the state’s tow truck operators.

Oklahoma credit unions have reported a growing number of instances in which operators will tow a vehicle and store it without timely notification to the lien holder. In cases where notification was not sent in a timely manner, storage fees accrued, and in many of these instances, the cost of retrieving the car reportedly ended up being more than the collateral was worth.

“Getting this bill passed was a long haul, and extremely contentious, but in the end, credit unions have persevered,” said Nate Webb, president of the Oklahoma Credit Union Association – a subsidiary of the Cornerstone Credit Union League. “This isn’t just a victory for credit unions. It’s also a victory for our members who own their credit union.”