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Office of Financial Stability

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 Medallion Owner Financial Disclosure Statement

The Medallion Owner Financial Disclosure is required per local law. Independent medallion owners, sole proprietors, partnerships, corporations, or limited liability companies must file the following information about medallion finances to the NYC Taxi and Limousine Commission annually. This includes financial information such as operating expenses, income from taxi operations, and any loans for financed medallions.

The filing date to submit Financial Disclosures has been extended to November 1, 2022.

Please follow the instructions below to submit the Annual Medallion Owner Financial Disclosure online. Email, mail, or in-person submissions will not be accepted.

Step 1: Complete the Medallion Owner Financial Disclosure Worksheet.

You need to prepare answers to the Medallion Owner Financial Disclosure Online Form first using the worksheet. You will need the following information:

List of all medallion taxicab licenses you are filing a disclosure for
Income and expenses related to the operation of the medallion taxicab(s)
Total liability insurance premiums paid for the operation of the medallion taxicab(s)
Number and balances of all loans for the medallions
Number of medallions that serve as collateral
Bankruptcy filings, if applicable
Any interest that a medallion owner has in a business or service that is related to taxicab, livery, or for-hire businesses.

Medallion Owner Financial Disclosure Instructions and Worksheet

Step 2: Submit your Medallion Owner Financial Disclosure using the online form with the information from the worksheet.

The Medallion Owner Financial Disclosure Online Form is available in multiple languages by clicking the link below.

Frequently Asked Questions

Why is TLC requiring medallion owners to submit their financial information?
Local law requires medallion owners to file a financial disclosure annually. This will help the TLC monitor and evaluate the health of the taxi sector.
What is the purpose of filing a Medallion Owner Financial Disclosure?
The Annual Medallion Owner Financial Disclosure will help the City monitor market trends, identify irregularities, and protect against speculative and predatory lending practice that have impacted the taxi sector in the past. Submitting your financial disclosure helps the TLC support the yellow taxi sector moving forward with new programs and policies.
Who is required to submit the financial disclosure?
Independent medallion owners, sole proprietors, partnerships, corporations, and limited liability companies to file medallion finance information to the NYC Taxi and Limousine Commission annually.
What information is included in the Medallion Owner Financial Disclosure?
You will need the following information to complete the Annual Medallion Owner Financial Disclosure:
- List of all medallion taxicab licenses that you are filing a disclosure for
- Income and expenses related to operation of the medallion taxicab(s)
- Total liability insurance premiums paid for the operation of the medallion taxicab(s)
- Number and balances of all loans for the medallions
- Number of medallions that serve as collateral
- Bankruptcy filings, if applicable
- Any interest that a medallion owner has in a business or service that is related to taxicab, livery, or for-hire businesses that may or not be licensed by the TLC.
How do I submit the financial disclosure?
Step 1: Complete the Medallion Owner Financial Disclosure Worksheet to prepare your answers for the Medallion Owner Financial Disclosure Online Form.
Step 2: After completing the worksheet, enter your information and submit your Medallion Owner Financial Disclosure using the online form.
Where can I get help completing the Annual Medallion Owner Financial Disclosure?
Please email TLCexternalaffairs@tlc.nyc.gov with your name, medallion number(s), and the best number to reach you, and we will be happy to assist you.
Can I submit the Medallion Owner Financial Disclosure Worksheet to complete the disclosure requirement?
No, the worksheet is to help you prepare your financial information for the disclosure only. You must submit the Medallion Owner Financial Disclosure using the online form in order to comply with the requirement.
I have an agent that operates my medallion(s). Can they submit the financial disclosure on my behalf?
Yes, an agent may complete the Medallion Owner Financial Disclosure for medallion owners.
Is the Financial Disclosure Online Form available in languages other than English?
Yes, the worksheet and online form are available in multiple languages.
Do I need to submit a separate financial disclosure for every medallion I own?
No, you can include multiple medallions in one Financial Disclosure submission.
Do I have to submit a financial disclosure if the medallion(s) is in storage?
Yes, you must submit the Financial Disclosure even if your medallion is in storage.

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.