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 is June 15, 2023.
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: Review the Medallion Owner Financial Disclosure Checklist.
You will review the instructions and checklist to prepare your answers for the Annual Medallion Owner Financial Disclosure Online Form first.
Step 2: Submit your Annual Medallion Owner Financial Disclosure using the online form with the items from the Checklist.
The Medallion Owner Financial Disclosure Online Form is available 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: Review the Medallion Owner Financial Disclosure Instruction and Checklist to prepare your answers for the Medallion Owner Financial Disclosure Online Form.
Step 2: After completing your review and obtaining your documents, 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 OFS@tlc.nyc.gov with your name, medallion number(s), and the best number to reach you, and we will be happy to assist you.
- 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?
No, currently this form is only available in English.
- 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.
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.