State-Sponsored Bounty Hunters are Bad for Business and Consumers

Oklahoma City (March 6, 2015) – State Chamber of Oklahoma President & CEO Fred Morgan made the following statement:

“Paying auditors by how much they recover from businesses blurs the lines between government and collections agencies. Granting the police power of the state to private companies motivated by financial gain creates an unnecessary burden on potentially every company in the state, resulting in increased costs for consumers. Even the Council on State Taxation and the American Institute of CPAs oppose the use of contingency fee auditors due to issues such as data privacy and conflicts of interest. The State Chamber supports the right of the State Treasurer to audit companies he believes might have funds they are not turning over, but the job shouldn't be handled by bounty hunters looking for a quick buck at the expense of every industry: insurance, banking, oil and gas and even mom and pop operations. The State Chamber Board of Directors recently approved a policy with a unanimous vote in support of the provisions found in House Bill 1741. Senate Bill 298 is a proactive response by industry to the concerns raised by the State Treasurer. We will continue to advocate for their passage.”

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