Senate Bill 1567 Summary

• Directs the Department of Commerce to create the "Oklahoma Guaranteed Student Loan Program for Commercial Driver License" to guarantee loans for qualified applicants obtaining commercial driver licenses.

• Requires applicants to verify compliance with federal and state Department of Transportation requirements and be enrolled in a state-certified commercial driver license training program.

• Establishes the "Commercial Driver License Fund" as a reserve account funded by appropriations to pay claims from financial institutions when guaranteed loans default.

• Requires financial institutions to exhaust all legal collection efforts before recovering from the fund and limits recovery to 90 percent of loan principal.

• Becomes effective July 1, 2012, with an emergency clause enabling immediate effect upon passage and approval.