A taxicab broker (often called a medallion broker) is a go-between licensed by TLC to help people buy, sell or borrow against a taxi medallion. TLC's definition: a person or business licensed "to act as an agent for another person or Business Entity in negotiating" either "the transfer of any interest in a Medallion" or "a loan to be secured by a Medallion or a Taxicab" (35 RCNY 51-03).
You do not need one. TLC's Medallion Transfers page says "Use of a broker to complete the transfer is optional." What you always need is TLC's approval of the transfer.
Current numbers
TLC's 2025 Annual Report counts 17 taxicab brokers at the end of 2025. Brokers handle most sales, but fewer than before, according to the Office of Financial Stability:
Some brokers also lend. In 2024, brokers reported 128 loans on the sales they handled, and 110 of them included a confession of judgment (a signed paper letting the lender get a court judgment quickly if you default). None were interest-only.
Rules that protect you
Chapter 62 treats the broker as the owner's agent:
Brokers must also file a disclosure statement with TLC for every transfer where they represent the buyer or seller (OFS 2024). After a 2019 City investigation into broker practices, TLC publishes a list of enforcement actions against brokers on its Medallion Brokers page and broker enforcement page.
Where drivers see the term
Mostly when you think about buying a medallion or when a family member sells one. A broker is not the same as a medallion agent, which runs cabs day to day. Prices and sale counts are on medallion price history and medallion transfers and foreclosures; the buying steps are in buying a NYC taxi medallion. Before any sale, check that the seller has no open TLC debts: for example, unpaid Taxi Improvement Fund surcharges are grounds for suspension or denial of a renewal (58-16(f)(4)). More on the medallions hub.
Frequently asked questions
What does a taxicab broker do?
TLC defines a Broker as a person or business licensed to act as an agent for someone else in negotiating either the transfer of any interest in a medallion or a loan secured by a medallion or a taxicab (35 RCNY 51-03).
Do I have to use a broker to buy or sell a medallion?
No. TLC's Medallion Transfers page says use of a broker to complete the transfer is optional. TLC still has to approve every transfer.
How many brokers are licensed?
TLC's 2025 Annual Report lists 17 taxicab brokers as of December 31, 2025. The Office of Financial Stability counted 16 in 2024.
Can a broker buy the medallion I listed with them?
Only if the broker first tells you in writing and you consent in writing; in that case the broker may not charge you a fee (62-15(a)). The fine for breaking this rule is $10,000 and a 30-day suspension.
How do I check a broker?
TLC publishes a licensed broker list and a list of enforcement actions against brokers on its Medallion Brokers and Broker Enforcement pages.
Sources
Last reviewed against the official sources on .
- TLC Rule Book, Chapter 51 (Definitions: Broker) nyc.gov
- TLC Rule Book, Chapter 62 (Taxicab Brokers) nyc.gov
- TLC: Medallion Brokers nyc.gov
- TLC Medallion Transfers (monthly price lists) nyc.gov
- TLC Office of Financial Stability Annual Report 2024 nyc.gov
- TLC 2025 Annual Report (Jan 2026) nyc.gov
Spotted something out of date? Tell us and we'll check it against the official source.
TLC Help is not a law firm and is not affiliated with the NYC Taxi & Limousine Commission or OATH. Explanations on this site are general information, not legal advice. Legal representation is provided by independent attorneys and OATH-registered representatives in our network.