§ 58-46 Medallion Transfers – Transferor Must Clear the Medallion.
RCNY § 58-46
(a)Place in Storage. Before a Medallion can be transferred, it must be placed in storage for at least seven days not counting the day it is put in storage or the day the clearance is given. (Exception: A Medallion owned by a corporation or LLC need not be placed in storage if the transfer is to be accomplished by a transfer of stock or membership interests in the company.) (b) Clear All Open Items. All open items against the Medallion Owner/Transferor (including any Business Entity Person of the Owner) must be cleared, including but not limited to summons issued by the Commission, outstanding fines and penalties owed to the Commission or the Parking Violations Bureau (or their successors), incomplete License renewal requirements, and violations against the TLC Driver License.
(c)Requirements of Secured Lenders. Any secured lender that obtains possession of a Medallion through foreclosure, repossession or in any similar manner, must place the Medallion in storage with the Chairperson. (Amended City Record 9/22/2016, eff. 10/22/2016)
