§ 65-07 Closing on the Purchase.
RCNY § 65-07
(a)Closing Deadlines.
(1)Within ninety days after the bid opening, each winning Bidder must close on his or her Medallion(s). If the winning Bidder is unable to close within that period, Bidder must complete the following no later than ninety days after the bid opening: (i) Deposit twenty-five thousand dollars ($25,000) in a form of payment acceptable under 35 RCNY § 52-40(b)(2) for each Medallion covered by the winning bid; and (ii) Provide the Chairperson with proof of purchase of a vehicle eligible for Hack-Up (see 35 RCNY Chapter 67) in the form of a certificate of origin, a certificate of title, a bill of sale, or a signed sales contract.
(2)All purchases of Medallions must close by no later than ninety days after bid opening unless extended by the Chairperson for reasonable cause shown.
(3)All closing dates are subject to the approval of the Chairperson.
(4)No closing date can be scheduled until the winning Bidder has done the following: (i) Demonstrated compliance with all of the requirements for issuance and ownership of a Taxicab License; and (ii) Submitted proof of purchase of a vehicle eligible for Hack-Up in the form of a certificate of origin, a certificate of title, a bill of sale, or a signed sales contract.
(5)A winning Bidder's failure to comply with the provisions in this subdivision will result in the disqualification of the winning bid.
(b)Additional Pre-Closing Requirements. Each winning Bidder must complete the following prior to closing: (1) Submit all documentation required by the Chairperson.
(c)Post-Closing Requirement. Hack-Up each Medallion sold under this Subchapter no later than the fifth business day following the day of the closing on the sale of the Medallion, unless extended by the Chairperson for reasonable cause shown.
(d)Payment. The winning Bidder will be responsible for payment of the following: (1) The balance of the purchase price (the bid amount, minus any deposits); (2) Any applicable taxes; (3) Two years' worth of license and inspection fees (as provided in 35 RCNY § 58-07); and (4) Any other fees due. No Medallion transfer tax will be collected for the initial Medallion issuance.
(e)Disposition of Deposits.
(i)A deposit made under 35 RCNY § 65-06 that is not returnable to the Bidder will be deemed forfeited by the Bidder and will be retained by the Commission after the Chairperson has made two unsuccessful attempts to return the deposit, by certified mail, return receipt requested, to the address listed by the Bidder on the bid form.
(f)Disqualification.
