Richard R. Rio, Esq., has been involved in all aspects of the New York City taxi industry since 1976. Initially an insurance broker, he secured liability and collision insurance for over 1000 taxicabs and managed their accounts. During this same period, he was a licensed and bonded NYC taxi medallion broker, and arranged the sale of more than 500 taxi medallions. In 1983, after obtaining his juris doctorate from New York Law School, he established a law practice focusing on areas specific to the taxicab industry. He introduced vehicle property damage loss recovery to taxicab fleets and leasing centers, a neglected revenue source that dramatically increased their profit levels. Medallion owners and taxi drivers, as well as Mr. Rio's former insurance clients, became his law clients as he helped them resolve contract disputes and recover compensation for personal injury or property damage sustained in taxi accidents. He also assisted them in other facets of their personal dealings, including real estate transactions; wills, trusts and estates, and other business dealings. Over the last four decades, Mr. Rio has helped thousands of individuals realize their dream of medallion ownership. 
 

As a licensed attorney, Mr. Rio also operates as a NYC taxi medallion broker and has processed countless Taxi and Limousine Commission (TLC) closings – both buy-side and sell-side, stock transfers, and the like. Mr. Rio has in-depth experience and expertise concerning the TLC sales process and documentation. 
 

Mr. Rio has represented several of the medallion industry’s leading lenders by preparing their medallion purchase and re-fi loan documents, then acting as the closing attorney on those loans. More recently, he has helped the NCUA and lenders recover loan proceeds by preparing loan modifications, default letters, filing confessions of judgment, medallion repossession, foreclosure, auctions, securing new medallion owners, processing the subsequent TLC closings and remitting sales proceeds to the lenders.
 

Mr. Rio also specializes in assisting out-of-state estate administrators transfer or sell estate taxi medallions. An inherited taxi medallion may be operated and can generate income to the owner's estate provided the NYC Taxi and Limousine Commission is so informed. The medallion may be placed in a trust for the benefit of minors. The estate representative should act swiftly because the TLC may revoke the medallion if it is not sold or transferred within 6 months of the owner’s death. Over the years, Mr. Rio has helped many estate representatives procure TLC permission to sell or transfer medallions that have been inherited. 
 

Whether your interest in the New York City taxicab industry be to buy or sell a medallion, borrow funds, recover damages caused by taxicabs or uncover hidden assets of taxicabs over and above insurance coverage, Mr. Rio's intimate and diverse knowledge of the New York City taxicab industry ensures that he is the attorney best equipped to service your needs. Mr. Rio offers free consultations and welcomes inquiries from anyone who wishes to learn more about the nuts & bolts of the New York City taxi medallion industry.