Lawmakers Approve Ban on Price Gouging

OKLAHOMA CITY - Victims of last week's deadly storms won't have to worry about being victimized again by those trying to take advantage of their situation. That's according to Senator Ted Fisher and Representative Mike Tyler.

The two Sapulpa lawmakers have authored the "Emergency Price Stabilization Act." SB 69 has cleared both the Senate and House, and is awaiting Governor Frank Keating's signature.

"First of all, I want to applaud the many Oklahoma businesses who have done everything in their power to accommodate the thousands of people who lost so much in the May 3 storms. I know that many have donated items, sold them at cost or even deferred payments," commented Senator Fisher.

"However, the demands for building supplies, housing, and other equipment are going to be unprecedented in our state. We want to make sure those trying to rebuild are protected for the long haul as they begin putting their lives back together," added Representative Tyler.

The Emergency Price Stabilization Act covers residents in all the counties included in the President's declaration of emergency, as well as residents in adjacent counties. Under this legislation, supplies, goods and services cannot be priced any higher than 10% above prices prior to the declaration of emergency.

The deadline for the cap will be determined by the expiration of the declaration of emergency as well as the type of purchase involved.

Violators of this act will face up to a year in prison and a fine of up to $1000, as well as penalties of up to $10,000 and restitution.