New York City Council Header
File #: Int 1610-2019    Version: * Name: Creation of an office of financial stability within the taxi and limousine commission.
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 creation of an office of financial stability within the taxi and limousine commission
Sponsors: Ritchie J. Torres, Ydanis A. Rodriguez, Corey D. Johnson, Justin L. Brannan
Council Member Sponsors: 4
Summary: This bill would create an Office of Financial Stability within the Taxi and Limousine Commission. The Office, in collaboration with the Department of Investigation, would monitor and evaluate the financial stability of the taxicab industry. Each year, the Office would be required to issue a report including details its activities, an assessment of the financial stability of the taxicab industry, and any recommendations regarding the financial stability of the taxicab industry.
Indexes: Report Required
Attachments: 1. Summary of Int. No. 1610, 2. Int. No. 1610, 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*Ritchie J. Torres Committee on Oversight and Investigations Laid Over by Committee  Action details Meeting details Not available
6/24/2019*Ritchie J. Torres Committee on Oversight and Investigations Hearing Held by Committee  Action details Meeting details Not available
6/24/2019*Ritchie J. Torres Committee on Transportation Laid Over by Committee  Action details Meeting details Not available
6/24/2019*Ritchie J. Torres Committee on Transportation Hearing Held by Committee  Action details Meeting details Not available
6/13/2019*Ritchie J. Torres City Council Referred to Comm by Council  Action details Meeting details Not available
6/13/2019*Ritchie J. Torres City Council Introduced by Council  Action details Meeting details Not available

Int. No. 1610

 

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

 

A Local Law to amend the administrative code of the city of New York, in relation to the creation of an office of financial stability within the taxi and limousine commission

 

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 19-555 to read as follows:

§ 19-555 Office of Financial Stability a. The commission shall establish an office of financial stability. Such office, in collaboration with the department of investigation, shall monitor and evaluate the financial stability of the taxicab industry. In conducting such monitoring and evaluation, the office shall consider, at a minimum:

1. the long and short-term financial stability of the market for taxicab licenses;

2. the method for calculating the minimum bid price for taxicab licenses;

3. potential market manipulation, speculation, and/or collusion in taxicab license auctions and transfers;

4. the number of bankruptcy proceedings involving taxicab licensees;

5. the number of purchases or transfers of taxicab licenses not approved by the commission due to a determination that prospective purchaser or transferee could not reasonably be expected to make required loan payments;

6. common terms and conditions of loans used to finance a taxicab license purchase or transfer, including the number of loans that did not require a down payment, utilized interest-only payments, or included a confession of judgment;

7. the annual financial disclosures from each person who has any interest in any taxicab license; and

8. income and expenses associated with operating a taxicab.

b. Beginning February 1, 2020 and no later than every February 1 thereafter, the office shall submit to the speaker of the council and mayor and post on the commission’s website, a report including, but not limited to, details of the office’s activities pursuant to subdivision a of this section conducted during the prior calendar year, an assessment of the financial stability of the taxicab industry, and any recommendations regarding the financial stability of the taxicab industry.

c. The office shall conduct any investigation relating to the financial stability of the taxicab industry directed by the council. Such direction shall be submitted to the office by the speaker of the council.

§ 2. This local law takes effect 90 days after it becomes law.

LS 11158

6/11/18