§ 58-43 Medallion Transfers – Overview.

   (a)   Applicability of the "Medallion Transfer" Sections.

      (1)   The "Medallion Transfers" sections of this Chapter, along with "Licensing" 35 RCNY § 58-04 and 35 RCNY § 58-05, establish the rules for all Transfers of a Taxicab Medallions between/among private parties, either by:

         (i)   Purchase

         (ii)   Gift

         (iii)   Bequest, or

         (iv)   Operation of law.

      (2)   These provisions do not apply to the sale or resale of Medallions by the Commission, as described in 35 RCNY Chapter 65.

      (3)   Except where the provisions specifically reference Secured Lenders, these provisions do not apply to Secured Lender Recipients.

   (b)   Overview of Requirements to Complete and Effect Transfer. The transfer of an interest in a Taxicab Medallion will be complete and effective upon all of the following:

      (1)   Commission Approval. Commission approval of the Transferee's application

      (2)   Proper Appearances. All persons described in 35 RCNY § 58-44(a) below must appear before the Commission.

      (3)   Transfer Tax Payment. A Transferee of a Taxicab Medallion must satisfy his or her transfer tax liability as determined by the NYC Department of Finance, prior to or at the time of transfer.

      (4)   Fulfillment of the Licensing Requirements. The parties to the transfer must fulfill the Licensing requirements set forth in 35 RCNY § 58-04 and 35 RCNY § 58-05.

      (5)   Fulfillment of Tort Liability Requirements. The parties to the transfer must fulfill the Tort Claim liability requirements set forth in 35 RCNY § 58-47, below.

      (6)   Fulfillment of the Medallion Clearance Requirements. The parties to the transfer must fulfill the applicable Medallion Clearance Requirements set forth in 35 RCNY § 58-46 below.

      (7)   Medallion Put into Service. Each Transferee, as well as any Administrator seeking to operate a Medallion under 35 RCNY § 58-48 below, must place the Medallion in service with a Hacked-up Taxicab vehicle within seven days of approval of the approval of the application.

 

35 RCNY § 58-43(b)(7)

Fine: $250

Appearance NOT REQUIRED

 

   (c)   Comply with Transfer Provisions.

      (1)   No person or entity is permitted to attempt to transfer or participate in the transfer of an interest in any Taxicab Medallion without fulfilling the requirements of subdivision (b) above, as applicable.

      (2)   The mere act of submitting a transfer application to the Chairperson will not be considered as a violation of this subdivision.

 

35 RCNY § 58-43(c)

Fine: $10,000 per entity, per Medallion and attempted transfer invalid, applicable to any person or persons (transferor, transferee or both) whose actions constituted a violation; Revocation may be ordered.

Appearance NOT REQUIRED