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: Enacted
Committee: Committee on Transportation
On agenda: 6/13/2019
Enactment date: 11/15/2020 Law number: 2020/111
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, Diana I. Ayala, Farah N. Louis, Helen K. Rosenthal, Margaret S. Chin, Carlina Rivera , Inez D. Barron
Council Member Sponsors: 10
Summary: This bill would create an Office of Financial Stability within the Taxi and Limousine Commission. The Office 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-A, 2. Summary of Int. No. 1610, 3. Int. No. 1610, 4. June 13, 2019 - Stated Meeting Agenda with Links to Files, 5. Hearing Transcript - Stated Meeting 6-13-19, 6. Minutes of the Recessed Meeting of May 29, 2019 Held on June 13, 2019, 7. Minutes of the Stated Meeting - June 13, 2019, 8. Committee Report 6/24/19, 9. Hearing Testimony 6/24/19, 10. Hearing Transcript 6/24/19, 11. Proposed Int. No. 1610-A - 10/8/20, 12. Committee Report 10/15/20, 13. Hearing Transcript 10/15/20, 14. Committee Report - Stated Meeting, 15. October 15, 2020 - Stated Meeting Agenda with Links to Files, 16. Hearing Transcript - Stated Meeting 10-15-20, 17. Minutes of the Stated Meeting - October 15, 2020, 18. Int. No. 1610-A (FINAL), 19. Fiscal Impact Statement, 20. Legislative Documents - Letter to the Mayor, 21. Local Law 111
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
11/16/2020ARitchie J. Torres City Council Returned Unsigned by Mayor  Action details Meeting details Not available
11/15/2020ARitchie J. Torres Administration City Charter Rule Adopted  Action details Meeting details Not available
10/15/2020ARitchie J. Torres City Council Sent to Mayor by Council  Action details Meeting details Not available
10/15/2020ARitchie J. Torres City Council Approved by CouncilPass Action details Meeting details Not available
10/15/2020*Ritchie J. Torres Committee on Transportation Hearing Held by Committee  Action details Meeting details Not available
10/15/2020*Ritchie J. Torres Committee on Transportation Amendment Proposed by Comm  Action details Meeting details Not available
10/15/2020*Ritchie J. Torres Committee on Transportation Amended by Committee  Action details Meeting details Not available
10/15/2020ARitchie J. Torres Committee on Transportation Approved by CommitteePass Action details Meeting details Not available
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-A

 

By Council Members Torres, Rodriguez, the Speaker (Council Member Johnson), Brannan, Ayala, Louis, Rosenthal, Chin, Rivera and Barron

 

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 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 for any license auction planned for the following year;

3. Potential market manipulation, speculation, or collusion by any participant in a taxicab license auction or transfer or any other business licensed by the commission relating to taxicabs, including, but not limited to brokers and agents;

4. The number of bankruptcy proceedings involving taxicab licensees;

5. 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;

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

7. Income and expenses associated with operating a taxicab.

b. Beginning November 1, 2021 and no later than every November 1 thereafter, the office shall submit to the speaker of the council and the 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 also transmit the report required by subdivision b to the department of investigation. The department of investigation shall consider such report and determine whether to conduct additional investigation of any issue reported by the office.

§ 2. This local law takes effect 120 days after it becomes law.

 

 

 

 

 

 

EL

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