§ 62-13 Requirements & Prohibitions – Broker as Fiduciary Agent of Owner.
RCNY § 62-13
(a)Owner Authorization Required.
(1)A Broker must not offer a Taxicab for transfer unless the Broker is authorized to do so by the owner. 35 RCNY § 62-13(a)(1) Fine: $2,500 - $10,000 and/or suspension or revocationAppearance REQUIRED (2) A Broker must not operate or cause to be operated any Medallion delivered to the Broker without the owner's written consent. 35 RCNY § 62-13(a)(2) Fine: $2,500 - $10,000 and/or suspension or revocationAppearance REQUIRED (b) Withdrawal of Authorization. An owner can withdraw his or her authorization by giving written notice to the Broker except where an Exclusive Listing has been given for a fixed period. 35 RCNY § 62-13(b)Fine: $500 - $1,000Appearance REQUIRED (c) Storage with Commission. A Broker holding a Medallion and Rate Card for purposes of sale must deliver them to the Commission for storage within 48 hours of their receipt, not including holidays or weekends. 35 RCNY § 62-13(c)Fine: $250 - $1,000Appearance REQUIRED (d) Broker Compensation. A Broker must not accept any commission, rebate, or profit on expenditures that the Broker makes for the owner unless the Broker has disclosed to the owner that the Broker expects to profit in an estimated amount and the owner provides written consent. The Broker must retain the written consent for three years. 35 RCNY § 62-13(d) Fine: $250 - $2,000 and restitution may be ordered to the owner if the Broker has not disclosed the compensation or the owner has not consentedAppearance REQUIRED (Amended City Record 2/12/2020, eff. 3/13/2020)
