Medallion Relief Program

Effective date: September 29, 2022

Proposed Rule Full Text
TLC-Proposed-Amendment-of-Rules-Relating-to-Medallion-Relief-Program-Preliminarily-Certified-8.20.22.pdf

Adopted Rule Full Text
MRP-9.29.22.pdf

Adopted rule summary:

These rule changes increase the number of loans eligible for a supplemental loan deficiency guaranty by adjusting the application criteria to include loans that have been restructured so that the fixed interest rate is 7.3 percent or less and fully amortized over 25 years, and the remaining principal balance is $170,000 or less. Additionally, the prohibition against balloon payments was removed in order to accommodate requests from credit unions looking to participate in the program on similar terms but have regulatory requirements surrounding amortization terms.
The rules would also prevent a medallion owner who defaults on the loan guaranty from acquiring another medallion for a period of five years.