Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Okla. gov. signs CU-backed tow-truck bill
OKLAHOMA CITY (6/5/14)--Oklahoma Gov. Mary Fallin Tuesday signed into law legislation that addresses questionable business practices among the state's tow truck operators, marking the final hurdle for a bill drafted on behalf of Oklahoma credit unions.
 
SB 0582 requires towing companies to notify lien holders when a vehicle is towed.
 
The legislation was supported by the Oklahoma Credit Union Association--a subsidiary of the Cornerstone Credit Union League (Leaguer June 4).
 
"Getting this bill passed was a long haul, and extremely contentious, but in the end, credit unions have persevered," said Nate Webb, association president. "This isn't just a victory for credit unions. It's also a victory for our members who own their credit union."
 
Oklahoma credit unions have reported instances in which operators will tow a vehicle and store it without timely notification to the lien holder. In cases in which notification was not sent in a timely manner, storage fees accrued and, in many instances, the cost of recovering the car reportedly was more than the collateral.


RSS print
News Now LiveWire
#Iowa Housing Authority honors #creditunion's mortgage commitment #NewsNow http://t.co/97me6ziPFa
11 hours ago
Adams to Zimmerman: Don't let your name define your financial decisions via @ndn http://t.co/kPVgQaDFNo
14 hours ago
Calif. ride-sharing law protects #creditunion collateral #NewsNow #System http://t.co/kXAAmbQgKO
15 hours ago
New offices mean moving sale at @TheKCUA https://t.co/xaof5SJkmE
16 hours ago
Existing-home sales slump in August as cash purchases decline @REALTORS
17 hours ago