The Medallion Relief Program (MRP) and Loan Guaranty Program (MRP+) provide debt relief for eligible medallion owners. Both programs provide financial assistance and free legal representation to help medallion owners negotiate with lenders to reduce loan balances and lower monthly payments. Medallion owners with six or fewer medallions are eligible to apply
Medallion Owners and Lenders Must Complete MRP Closing by April 30, 2024
Medallion owners and lenders with six or fewer medallions who have applied for the Medallion Relief Programs must complete and submit all required documentation to the New York Legal Assistance Group (NYLAG) by April 30, 2024.
By this date, all loan closings must be completed and a complete MRP grant application must be submitted to NYLAG in order to be considered for a grant under MRP 1 (original program) or MRP+ (the supplemental loan deficiency guaranty program). The TLC encourages eligible medallion owners with pending applications to work closely with their lender and legal rep at NYLAG to submit their MRP grant application by the grant application deadline. Please be advised that no MRP grant applications will be considered after April 30, 2024.
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Who can apply for MRP or MRP+?
Medallion owners with an interest in six or fewer medallions may apply for MRP or MRP+. Interest is defined as being listed as an owner, officer, partner, or shareholder of the medallion in TLC’s records at the time the Medallion Relief Program was announced in March 2021.
Please be advised that a medallion(s) that has owners, officers, partners, or shareholders that have an interest in the medallion and also have an interest in more than six medallions are not eligible for either program.
Medallion owners are not required to be drivers to participate.
How does free legal support help?
Everyone’s finances are different. TLC will connect you with a legal representative to review your medallion loan and financial needs. The legal representative will also negotiate with your lender on your behalf in order to lower the amount you owe and reduce your monthly payments. Lastly, the legal representative will submit all necessary documents to the TLC for your MRP application.
How does the grant help me?
The grant is used as a down payment for restructuring or settling a loan in order to:
Lowering the loan principal
Adjusting interest rates
Reduce your monthly payment
Who benefits from this program?
Both programs are designed to help small medallion owners get financial relief. It is not a bailout for banks. Lenders must reduce your debt and monthly payments to participate.
What lenders or banks are participating in MRP and MRP+?
What happens after I schedule a legal services appointment with the TLC Owner/Driver Resource Center?
TLC MRP Intake Specialist will call you to get more information such as your loan amount and lender. After this step, you will be placed in the queue to be connected with a law firm that has been hired to provide you with free legal guidance and who will negotiate with your lender. Please note the time between meeting with the TLC MRP Intake specialist and connecting with your legal services representative can take 2-3 months due to the demand for the program. TLC will continue to monitor your position in the queue and provide updates during this time. Your legal representative will schedule a time with you to go over your finances and discuss any legal concerns. To prepare for the meeting with your legal representative, you can gather your loan documents, bank statements, tax returns for the past two years, and other debt documentation. Your legal representative will review your finances and advise you on the best option for you. They will also negotiate with your lender to reduce your loan amount and monthly payments, and help you prepare for the closing. The final step is for your legal representative to submit your application and supporting documentation to the TLC so that you can receive your MRP grant.
Can I apply for the program for my parent, spouse, or deceased relative?
If you are assisting an eligible medallion owner, please ask them to use their TLC License Number, ZIP code, and the last five digits of their social security number or EIN, to sign up for a legal services appointment with the TLC Owner/Driver Resource Center.
If you need additional assistance, please email MRP@tlc.nyc.gov with the medallion owner' medallion number(s) and a telephone number where you can be reached, and a TLC staff member will contact you.
How do I connect with my legal services representative?
If you were already assigned a legal services representative and need help contacting them, please emailMRP@tlc.nyc.gov and a TLC representative will assist you.
I own more than six medallions, are there other resources available?
If you are a TLC-Licensed Driver or own six or more medallions and need financial guidance, Schedule a financial counseling appointment with the Schedule a legal services appointment with TLC’s Owner/Driver Resource Center to be connected with a financial counselor. You will need your TLC License Number, ZIP code, and the last five digits of your social security number or EIN to schedule an appointment.
I have questions about my finances. Where can I get help?