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.