§ 58-44 Medallion Transfers – Special Requirements.
RCNY § 58-44
(a)Personal Appearance.
(1)All Transferees or Administrator applicants seeking to operate a transferred Medallion must appear in person as directed by the Chairperson.
(2)If the Transferee applicant is a Business Entity, the following Business Entity Persons must appear in person before the Commission: (i) All individual shareholders of a corporate entity (ii) All general partners of a partnership entity (iii) All members of a Limited Liability Company.
(3)Exception to Personal Appearance Requirement. A power of attorney can appear and represent any Applicant or Business Entity Person of a Business Entity Applicant who: (i) Holds an existing, continuing License from the Commission, and (ii) Has an electronic fingerprint record on file with the Commission, made not earlier than one year prior to the date of the transfer.
(b)Transfers During and After Pending Judgment.
(c)Voluntary Transfer During Revocation Proceedings.
(d)Preserve Medallion Category.
(4)For the purpose of this subdivision (d), "financial interest" will mean an ownership interest or an interest received as a pledge or security or subject to a security agreement to secure financing.
(e)Additional Requirements for Transfers Made by Conditional Sales Agreements. Where an interest in a Medallion is acquired through a conditional sales agreement, the following requirements apply: (1) The parties must provide the Commission with a disclosure statement indicating the terms of the agreement.
(5)No conditional transfer shall be effective until the parties have completed all the requirements for transfer required by this Chapter.
