New York City Council Header
File #: Int 1605-2019    Version: * Name: Approval of a purchase or transfer of a taxicab license.
Type: Introduction Status: Laid Over in Committee
Committee: Committee on Transportation
On agenda: 6/13/2019
Enactment date: Law number:
Title: A Local Law to amend the administrative code of the city of New York, in relation to the approval of a purchase or transfer of a taxicab license
Sponsors: Francisco P. Moya, Ritchie J. Torres, Ydanis A. Rodriguez, Corey D. Johnson
Council Member Sponsors: 4
Summary: This bill would require that, before approving the purchase or transfer of a taxicab license, the Taxi and Limousine Commission must review documentation of the source of funds to be used for the purchase or transfer, and, if it is financed by a loan, determine that the prospective purchaser or transferee could reasonably be expected to make the required payments.
Indexes: Agency Rule-making Required
Attachments: 1. Summary of Int. No. 1605, 2. Int. No. 1605, 3. June 13, 2019 - Stated Meeting Agenda with Links to Files, 4. Committee Report 6/24/19, 5. Hearing Testimony 6/24/19, 6. Hearing Transcript 6/24/19, 7. Hearing Transcript - Stated Meeting 6-13-19
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
6/24/2019*Francisco P. Moya Committee on Oversight and Investigations Laid Over by Committee  Action details Meeting details Not available
6/24/2019*Francisco P. Moya Committee on Oversight and Investigations Hearing Held by Committee  Action details Meeting details Not available
6/24/2019*Francisco P. Moya Committee on Transportation Laid Over by Committee  Action details Meeting details Not available
6/24/2019*Francisco P. Moya Committee on Transportation Hearing Held by Committee  Action details Meeting details Not available
6/13/2019*Francisco P. Moya City Council Referred to Comm by Council  Action details Meeting details Not available
6/13/2019*Francisco P. Moya City Council Introduced by Council  Action details Meeting details Not available

Int. No. 1605

 

By Council Members Moya, Torres, Rodriguez and the Speaker (Council Member Johnson)

 

A Local Law to amend the administrative code of the city of New York, in relation to the approval of a purchase or transfer of a taxicab license

 

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 19-554 to read as follows:

§ 19-554 Approval of purchase or transfer of taxicab license. a. The commission may not approve the purchase or transfer of any taxicab license or any interest in a taxicab license unless:

1.  The prospective purchaser or transferee provides documentation in a form satisfactory to the commission detailing the sources of the funds such prospective purchaser or transferee intends to use for such purchase or transfer;

2. If such purchase or transfer is financed in whole or in part by a loan, the commission reviews the terms of the loan and makes a determination that the prospective purchaser or transferee could reasonably be expected to make the required payments; or

3. If such purchase or transfer is financed in whole or in part by a loan containing a confession of judgment.

b. The commission shall promulgate rules, consistent with this section, enumerating factors the commission shall consider in evaluating whether a prospective purchaser or transferee could reasonably be expected to make the required payments.

§ 2. This local law takes effect 90 days after it becomes law, except that the taxi and limousine commission shall take all necessary action, including the promulgation of rules, prior to such effective date.

 

 

 

 

 

 

NAB

LS # 11042

6//11/19