“We knew no one would come back and pay us again,” Forbes told lawmakers Monday. The CEO, during a public rulemaking hearing Tuesday in front of an administrative law judge, said Wyatts has lost $150,000 in revenue since the law went into effect. The agreements also would ask applicants to list their employer, income, rent/mortgage and banking information, The Post found. The vehicle owner would then be on the hook to repay the rest of the bill over time.īut loan documents and video reviewed by The Denver Post last month showed Wyatts has rejected people from using this new provision and has charged interest as part of these loans. 10, 2022, allows individuals to retrieve their cars if they pay 15% of its tow fees upfront, not to exceed $60.
The letter comes in response to accusations from lawmakers and consumer advocates that Wyatts Towing, the state’s largest tow company, has been asking vehicle owners to apply for loans in order to get their cars back. “The practice of withholding the reduced release unless a consumer signs a loan agreement violates the letter and purpose of the statute.” “The intent of this statute was to allow consumers to retrieve their vehicles quickly and avoid (as much as possible) the devastating collateral consequences that can accompany a non-consensual tow,” Blake wrote. In a July 17 letter to the Public Utilities Commission, Deputy Attorney General Nathan Blake said last year’s Towing Bill of Rights law is clear: “Neither the plain language nor legislative intent of HB22-1314 permits such a practice.” Towing operators are not allowed to compel vehicle owners to take out loans in order to retrieve their cars after being towed, the Colorado Attorney General’s Office wrote this month.
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