A Local Law to amend the administrative code of the city of New York, in relation to the approval of a purchase or transfer of a taxicab license

Summary

This bill would require that, before approving the purchase or transfer of a taxicab license, the Taxi and Limousine Commission must review documentation of the source of funds to be used for the purchase or transfer, and, if it is financed by a loan, determine that the prospective purchaser or transferee could reasonably be expected to make the required payments.

Official summary of legislation · NYC Council