NYC To Help Taxi Drivers Against Medallion Broker Misconduct
NEW YORK (CBSNewYork) - New York City is making changes to the taxi industry after an investigation into reported misconduct by medallion brokers.
These brokers help drivers prepare loans and purchase agreements that will now be translated into 10 languages.
In New York City, 95 percent of taxi drivers are immigrants.
MORE: De Blasio Orders Investigation Into 'Predatory Practices' By Taxi Medallion Brokers
Medallion brokers will also be required to disclose potential conflicts of interest to drivers and to the Taxi and Limousine Commission.
The TLC is also forming an accountability unit to review broker agreements and disclosures.
Medallion prices peaked in 2014, rising to more than $1 million dollars. They now sell for less than $200,000.
