The proposed local law would create a new nontransferable taxicab license to allow current taxicab owners to operate one additional vehicle under a single existing medallion license. Presumably, under this proposal, the medallion owners would have an additional stream of revenues, and thus, theoretically, make taxi medallions a more attractive investment.
Int. No. 298
By Council Member Rodriguez
A Local Law to amend the administrative code of the city of New York, in relation to the issuance of nontransferable taxicab licenses
Be it enacted by the Council as follows:
Section 1. Chapter 5 of title 19 of the administrative code of the city of New York is
amended by adding a new section 19-548 to read as follows:
§ 19-548 Nontransferable taxicab licenses. a. As used in this section, the term “nontransferable taxicab license” means a license issued by the commission to a holder of a current taxicab license to operate up to one additional vehicle, which shall be operated subject to all of the laws and regulations governing a licensed taxicab except as provided herein.
b. The commission shall issue, upon request, one nontransferable taxicab license to the holder of a valid taxicab license that is current at the time of the request.
c. Notwithstanding section 19-512, a nontransferable taxicab license issued pursuant to subdivision b of this section may not be transferred to a third party, except that title to the vehicle attached to the nontransferable taxicab license may be transferred by an owner or operator in conjunction with the transfer of a taxicab license issued by the commission.
§ 2. This local law takes effect 120 days after it becomes law. The commissioner shall take all measures necessary for the implementation of this local law, including the promulgation of rules, before such effective date.
LS# 11448/Int. No. 1740/2017
December 21, 2017