Taxicab Agent ($50,000) Bond - City of New York, NY in New York

Brief Summary

The $50,000 bond is one of the first documents the TLC expects in a medallion agent application, and it outlives the license by a year. Price it as an annual premium instead of setting aside $50,000, and file it with the rest of your agent package.

The New York City Taxi and Limousine Commission requires every applicant for a Taxicab Agent license to deposit a $50,000 bond payable to the City of New York under TLC Rule 63-04(e). The amount is flat, the surety must be one approved by the Commission, and the bond must remain in effect for one year after the license expires or is revoked.

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How to Apply for a Taxicab Agent ($50,000) Bond:

• Clear any outstanding fines owed to the TLC, NYC Department of Finance and NYS DMV.
• Reserve the business name and complete the TLC Agent license application.
• Provide owner and business financial information for the surety's review and approve the quoted premium.
• Obtain the executed $50,000 bond payable to the City of New York from a surety approved by the Commission.
• Complete fingerprinting and gather business formation documents, EIN proof, photo IDs and the lease and parking affirmations.
• Email the package to NewBusinessApp@tlc.nyc.gov and attend the in person appointment with the $500 fee.

Detailed Information About the New York Taxicab Agent ($50,000) Bond:

Who posts this bond

TLC Rule 63-03 defines an Agent as an individual or business entity licensed by the Commission to operate or facilitate the operation of one or more taxicabs on behalf of the taxicab owner. Rule 63-04(a) requires an agent license before anyone acts in that role, and Rule 63-04(e) requires every applicant to deposit a fifty thousand dollar bond payable to the City of New York with the Commission. The amount does not change with the number of medallions managed.

What the bond guarantees

The bond guarantees that the agent will comply with the Administrative Code, observe all TLC rules, pay all fines imposed by the Commission, and pay all judgments or settlements arising from any action connected with the agent's license. The agent is liable for a fine or judgment as soon as the amount is determined, or when a final determination issues after an appeal.

The part applicants miss

The bond must remain in effect for one year following the expiration or revocation of the license. Plan the bond term and any cancellation with that tail in mind.

License term, fees and filing

An agent license runs up to one year and expires December 31 of the year it is issued or renewed. The fee is $500 for a one year license and $250 for a term of six months or less, paid when the application is filed. Applicants must clear any outstanding fines owed to the TLC, the NYC Department of Finance and the NYS DMV, and every individual applicant and principal must be fingerprinted. The TLC collects the application, bond, business formation documents, EIN proof, photo IDs, lease and parking affirmations and medallion ownership disclosure by email at NewBusinessApp@tlc.nyc.gov before an in person appointment. Bond premium is set by the surety based on the owners' credit, financial strength and experience in taxicab management.

Eligibility and Requirements for a New York Taxicab Agent ($50,000) Bond:

• Bond amount of exactly $50,000 under TLC Rule 63-04(e).
• City of New York as obligee, with the bond deposited with the Commission.
• A surety approved by the Commission.
• Bond kept in effect for one year after the license expires or is revoked.
• Fingerprinting of the individual applicant and all principals under Rule 63-04(d).
• Business records kept for three years under Rule 63-16(h).

New York Taxicab Agent ($50,000) Bond FAQs:

Official and Additional Resources for the New York Taxicab Agent ($50,000) Bond: