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NYC Taxi & Limousine Commission - Medallion Sale Information




 


 


 
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CLOSING PROCEDURES

TLC PUBLIC MEDALLION AUCTION RULES

CLOSING ON A MEDALLION

HACK-UP OF A MEDALLION VEHICLE

CLOSING ON A MEDALLION

Winning bids should be closed within 30 days. If you do not close within 30 days, you must deposit $25,000 in the form of a certified check for each medallion covered by the winning bid and provide proof of purchase of an eligible vehicle for “hack-up”. If a second deposit is made, it will be credited toward the final sale price. Winning bidders must close within 60 (sixty) days of the auction, unless the Chairperson grants an extension for reasonable cause shown.  THE BALANCE FOR EACH WINNING BID IS DUE AT THE CLOSING.   Each winning bidder must meet the requirements of taxicab ownership and provide the following documents at the closing:

  • If not already provided, a properly completed application for a Taxicab Owner’s License.
  • Proof of age (must be 18 years or older although you must be 19 to obtain a taxi driver’s license).
  • Proof of valid, government issued photo identification issued by the US, its states, territories or subdivisions, plus valid, original social security card.
  • If you are applying for medallion ownership as a corporation, a certified copy of its “Certificate of Incorporation” and filing receipt, and an “Election of Officers”.
  • If you are applying for medallion ownership as an individual, a valid copy of your hack license.
  • If you are applying for medallion ownership as a partnership, a certified copy of the “Certificate of Partnership”.
  • If you are a Limited Liability Company (or LLC), a certified copy of its “Articles of Organization” and a filing receipt together with a certified copy of its Operating Agreement.
  • Proof of purchase (a Bill of Sale if available) of a vehicle eligible for use as a taxicab.
  • Supporting documentation of the winning bidder’s source of funds and/or financing, if any, for the purchase of the medallion(s) and vehicle(s).
  • For any Independent medallion, proof that the winning bidder (or at least one shareholder or partner of the winning bidder, as the case may be) has a current TLC Taxi Driver’s License and will drive 210 nine-hour shifts each year.
  • Proof of payment of any outstanding fines or fees owed to the TLC or any City agency.
  • Payment of the remaining portion of the purchase price (winning bid price) of the medallion(s) by Certified check, bank check, or money order made out to the New York City Taxi and Limousine Commission.  The winning bidder is responsible for all applicable taxes and fees at the time of closing – but NO MEDALLION TRANSFER TAX WILL BE ASSESSED. TLC Licensing and Inspection Fees (in a separate certified check, bank check or money order made out to the New York City Taxi and Limousine Commission) will be collected at the closing.  For most winning bidders, these fees will be:    
            1. 
    Medallion Licensing Fees - $1100 for a two-year license  
            2. 
    Medallion Inspection Fees - $300 for two years of initial inspections
                 ($35 is charged for a second inspection if a vehicle fails)  
            3. 
    Medallion Fee - $10 for the medallion tin
                 (installed at vehicle “hack-up”)

Most buyers will pay $1,410 in fees.  But you should check with the TLC too see if you will need to pay more or less depending on the date you close on the medallion.

Entity Name Approval: If a winning bidder has not already established an “entity” (such as a Corporation, a Partnership, or a Limited Liability Company) that will own the medallion(s), entity names must be approved by the Taxi and Limousine Commission before submitting the final closing documents to the TLC.  You can arrange for this approval by calling (212) 676-1112.

License and Medallion Check: All winning bidders must pay any outstanding fines owed to the TLC or outstanding debts owed to any City agencies. The taxicab driver’s license and any and all other medallions owned by a winning bidder applying for a medallion ownership license will be reviewed to determine if that applicant is qualified to purchase the medallion.  Proof of payment of any outstanding fines must be submitted at closing.

Location of Closings: All closings will take place at the TLC Legal Department, 40 Rector Street, Fifth Floor, New York, New York, 10006.  Medallion Closings must be scheduled in advance by calling (212) 676-1112.




HACK-UP OF A MEDALLION VEHICLE

Winning bidders must hack-up their taxicab vehicle (receive an initial TLC inspection and make ready to place the vehicle into service) within five business days of the closing.


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