About the Office

Local Law 111 of 2020 will establish the TLC Office of Financial Stability to monitor and evaluate the financial stability of the medallion industry. Starting in November 2021 and each year thereafter, the Office of Financial Stability will assess and create recommendations using key data points with the goals of strengthening and supporting medallion owners and drivers.

The Office of Financial Stability will evaluate the following factors but is not limited to:

• The short and long-term financial stability of the medallion market
• Potential market manipulation, speculation, or collusion by any participant in a medallion auction or transfer
• The number of bankruptcy proceedings involving medallion owners
• Common terms and conditions of loans used to finance a medallion purchase or transfer
• Income and expenses associated with operating a medallion

Annual Financial Disclosure Statement

Local Law 109 of 2020, TLC will require any person who has any interest in a medallion to submit an annual financial disclosure as of November 2021.

Additional Information

Read more on Local Law 111 of 2020: Legislation Related to the Office of Financial Stability.

Read more on Local Law 109 of 2020: Legislation Related to the Submission of an Annual Financial Disclosure Statement.