Current through Register Vol. 54, No. 49, December 7, 2024
Section 1027.9 - Financial fitness generallyThe Authority will review the financial fitness of the proposed buyer, including a review of all of the following:
(1) For proposed buyers of medallions or partial-rights certificates, bank statements of the proposed buyer or the bank statements of the holder of the stock or membership certificate evidencing ownership of a bank account holding not less than the greater of $5,000 or 2% of the sale price in unencumbered and available funds.(2) For proposed buyers of dispatcher certificates, bank statements of the proposed buyer or the bank statements of the holder of the stock or membership certificate evidencing ownership of a bank account holding not less than the greater of $5,000 or 2% of the sale price in unencumbered and available funds.(3) If the sale does not include financing by a lender authorized to make commercial loans in this Commonwealth, the proposed buyer shall submit documentation for the Authority's review to insure all of the following requirements are met: (i) The credit report of each persons identified in § 1027.7(b)(12) (relating to required application information) evidencing a credit score of at least 600 for each person.(ii) The absence of any outstanding and unappealed civil judgments against each of the parties required to submit a criminal history report under § 1027.7(b)(12).(4) The Authority may require the submission of additional financial information necessary to determine the financial fitness of a proposed buyer.The provisions of this § 1027.9 temporarily amended May 5, 2017, effective 2/25/2017, expire upon promulgation of final-form regulations or on November 5, 2018, whichever is later, as set forth in 53 Pa.C.S. § 57B 02(b), 47 Pa.B. 2558.The provisions of this § 1027.9 temporarily amended under 53 Pa.C.S. § 57B 02.