Sec. 80.3. Application for Transportation Network Company (TNC) license

(a) An applicant for a TNC license must complete a form supplied by the department, accompanied by a fee in the amount of $100,000, and any other documentation requested by the department. Thereafter, on an annual basis, the TNC shall complete such form and pay a renewal fee in the amount of $60,000, which shall be paid no later than one year from the date of the approval of the prior application. If the application or renewal application is denied, the department shall retain $10,000 of the fee.

(b) No license shall be issued unless the applicant:

(1) presents proof it has obtained a group policy in compliance with the financial responsibility requirements of article 44-B of the Vehicle and Traffic Law and section 3455 of the Insurance Law and regulations promulgated by the Superintendent of Financial Services and, if the insurer is an unauthorized insurer, certifies that it has provided a copy thereof to the Superintendent of Financial Services;

(2) agrees to affirm on the application for a TNC license that it shall comply with all applicable laws and regulations related to Transportation Network Companies operating in this State.