Abstract: For use in securing a pallet to a supporting floor of a service vehicle, a retaining latch, a method of operating the same to secure the pallet in place and a service vehicle having a latched pallet. In one embodiment, the retaining latch includes: (1) a first member having an aperture therein that allows the first member to be secured to the floor, (2) a second member, coupled to the first member for rotation relative thereto, (3) a spring, coupled to the first and second members, that resiliently urges the second member from an open position toward a closed position with respect to the first member and (4) a pin, extending from the second member toward the first member, adapted to engage and positively secure the pallet against lateral translation when the second member is urged toward the closed position.