Any towing company which tows away another's motor vehicle without the owner's knowledge and stores it shall immediately notify the police department of the municipal corporation where such vehicle was parked or the sheriff or county police department in counties having such departments if the vehicle was parked outside the limits of a municipal corporation of the location from which the vehicle was towed, the name of the company which towed it and the place where it is stored.

Any towing company failing to give such notice within one hour of the time the vehicle was towed away shall not be entitled to any compensation for the towing and storing operations. The provisions of this section shall be posted in a conspicuous place in all public areas on the premises of the towing company.