Current through Register Vol. 54, No. 45, November 9, 2024
Section 30.15 - Execution on and seizure of a medallion(a) If a lender or creditor executes on or seizes a medallion, it shall notify the Commission of all particulars, in writing, within 5 days of taking the action. The medallion will be held by the Commission pending further disposition.(b) A sale of the medallion, upon seizure or execution, shall occur within 1 year of the seizure or execution, and shall be accomplished in accordance with § 30.12 (relating to sale of medallion).(c) If the medallion is not sold within 1 year, the medallion becomes nontransferable.