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Oklahoma Governor Signs Bill to Regulate Ride-Sharing Networks
Thursday, May 14, 2015 7:00 AM

Oklahoma Governor Mary Fallin has signed into law a bill imposing minimum insurance requirements on vehicles used in ride sharing networks such as Uber and Lyft.

Utilizing smart phone technology, the networks pair customers with drivers using personal vehicles and provide a predetermined price.

Among other things, HB1614 by Rep. Katie Henke (R-Tulsa) defines when in the ride sharing process a private vehicle becomes a commercial vehicle and ensures lienholder interests are protected by removing any potential lapse in coverage.

The bill also places the industry under the jurisdiction of the Oklahoma State Corporation Commission, thus preempting a patchwork of municipal ordinances that have begun to develop across the state.

Ride-sharing networks and the lack of regulation and mandated insurance requirements posed a serious threat to lienholders; passage of HB1614 was a major focus this year for the Oklahoma Credit Union Association.