Emergency Price Stabilization Act in Effect in Four Oklahoma Counties

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An Emergency Price Stabilization Act is in place in Mayes, Rogers, Tulsa and Wagoner counties after a state of emergency was declared following the recent tornado outbreak in those counties, Oklahoma Attorney General Mike Hunter announced.

The price gouging statute prohibits an increase of more than 10 percent for the price of goods and services after a declared state of emergency. Additionally, the act allows the attorney general to pursue charges against individuals or businesses that engage in price gouging.

Attorney General Hunter said the statute protects Oklahomans during a vulnerable time and he urges individuals who have sustained damage to homes or businesses to be aware of criminals in the community targeting damaged property.

On Monday, agents with the Consumer Protection Unit were in storm-damaged areas, talking to residents and business owners about fraud prevention and offering tips and information on how to avoid fraud.

Attorney General Hunter said having agents in the area shows force against criminals, but it will not deter all of them.

Oklahoma Insurance Commissioner John D. Doak also toured tornado-damaged areas in Tulsa with Gov. Mary Fallin and Tulsa Mayor G.T. Bynum.

More than 150 businesses and 25 homes were damaged in the EF-2 tornado that hit Tulsa on Sunday. Business owners should ask their agent or insurance company if they have business interruption coverage.

This type of insurance covers the revenue earned, based on financial records, had the tornado not occurred. The policy might also cover operating expenses, like electricity, that continue even though business activities have come to a temporary halt.

Businesses that were not damaged, but are being forced to close because of the debris, may also be able to file a claim with business interruption coverage.

Source: Oklahoma Insurance Department, Oklahoma AG’s Office

Topics Oklahoma

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