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Oklahoma Speaker Approves Interim Study for Requested by CUs
Thursday, July 13, 2017 7:00 AM

Oklahoma Speaker of the House Charles McCall has approved an interim study requested by Oklahoma credit unions.

IS17–086 will explore the issue of securing liens on high-dollar livestock trailers such as those containing living quarters.

Oklahoma Credit Union Association President Nate Webb said the requested study is an effort to protect the interests of lienholders. “Without a perfected lien there is nothing to stop an owner from using the trailer as collateral for an additional loan," Webb said. "If that owner should default, both lenders are fighting to recover their interests. With some of these trailers costing as much as $85,000 or more, credit unions deserve to have their interests protected."

The date of the study has yet to be determined.