Sale of Reissued Medallions

RCNY tit. 35, ch. 65, subch. B

in effect

35 RCNY § 65-11 Scope of this Subchapter.

§ 65-11 Scope of this Subchapter. This Subchapter establishes the procedures for the Commission to reissue Taxicab Medallions that have been revoked where the owners of such revoked Medallions did not provide for the resale of the Medallions.

35 RCNY § 65-12 Penalties.

§ 65-12 Penalties. This Subchapter is informational in nature and does not contain any penalties.

35 RCNY § 65-13 Definitions Specific to this Subchapter.

§ 65-13 Definitions Specific to this Subchapter. Reissued Medallions are Medallions that meet the following criteria: (a) The original owner's Medallion Taxicab License has been revoked; (b) The original owner failed to sell or otherwise legally dispose of the Medallion; and (c) The Medallion was repossessed by the Commission and subsequently re-issued for sale to a new owner.

35 RCNY § 65-14 General Provisions.

§ 65-14 General Provisions. (a) Re-Issuing Medallions. Any Taxicab Medallion that has been revoked by the Commission and not sold by the Owner prior to revocation may be repossessed by the Commission and reissued and sold by the Commission. (b) Sale by Public Auction. The sale of reissued Medallions will be done by public auction.

35 RCNY § 65-15 Commission Requirements for Conducting the Public Auction.

§ 65-15 Commission Requirements for Conducting the Public Auction. (a) Licensed Auctioneer. The public auction will be conducted by a licensed auctioneer. (b) Notice. The auction sale will be advertised in the City Record for at least twenty days before the auction. At his or her discretion, the Chairperson can also advertise the auction in newspapers and other media. (c) Maintenance of Medallion Classification. The classification of Medallions issued under this Subchapter will not change regardless of change in ownership of the Medallion after issuance. (d) Sale of Minifleet Medallions. (1) A Minifleet Medallion can be issued only to a corporation that owns at least one other Minifleet Medallion. The purchase at auction of two Minifleet Medallions will satisfy that requirement. (2) If more than one Minifleet Medallion is being auctioned, the Medallions will be auctioned first as a pair and then separately. The final sale of the Medallions will be in the manner (as a pair or separately) that will bring the highest return to the City.

35 RCNY § 65-16 Chairperson's Authority to Modify Auction Procedures.

§ 65-16 Chairperson's Authority to Modify Auction Procedures. (a) Cancellation. The Chairperson can, at any time and for any reason, postpone or cancel an auction. (b) Modification. The Chairperson may modify the bidding or closing procedures established below provided that a public notice in the City Record is made in advance of the auction. (c) Delegation and Discretion. The Chairperson may take further measures as may be appropriate to the sale of the medallions.

35 RCNY § 65-17 Bidding Requirements and Procedures.

§ 65-17 Bidding Requirements and Procedures. (a) Bidder Criteria. Any person can bid. However, the highest Bidder must satisfy all criteria for Taxicab License owners. The Chairperson will review the application for a license by the highest bidder to determine if that bidder satisfies the ownership criteria. (b) Application for Medallion License. The highest bidder must file an application for a Taxicab License with the Commission within three weeks from the auction date, unless the Chairperson extends the deadline for good cause. (c) Denial of Application. (1) If the highest bidder's application for a license is denied for any reason, the second-highest bidder will be awarded the sale on condition that the second-highest bidder's application for a Taxicab License is approved by the Chairperson. (2) If neither the highest bidder's nor the second-highest bidder's application for a license is approved, the auction will be nullified.

35 RCNY § 65-18 Closing Requirements and Procedures.

§ 65-18 Closing Requirements and Procedures. (a) Deposit. Immediately after the close of bids, the highest Bidder must provide a deposit to the auctioneer covering a percentage of the high bid as set in advance by the Chairperson. The deposit must be in the form of a certified check, a money order, or such other form as set in advance by the Chairperson and published in the City Record. (b) Other Payments Due. In addition to the amount bid, the highest Bidder will be responsible on the transfer closing date for any sales tax, Medallion transfer tax, or other applicable taxes or fees. (c) Stay of Closing. The outcome of an auction remains conditional pending the resolution of any challenge to the Commission's legal authority to issue and auction the Medallion.

Source: City of New York, Charter, Administrative Code and Rules (American Legal Publishing XML export, codelibrary.amlegal.com)URL: https://codelibrary.amlegal.com/codes/newyorkcity/latest/NYCrules/0-0-0-71938Fetched: 10/24/2026