§ 27-14-1503 — Disclosures required - Definitions

(a) As used in this section: (1) "Affiliated person" means: (A) Any officer, director, or partner of an applicant; and (B) Any person owning or controlling more than five percent (5%) of the applicant's debt or equity; (2) (A) "Applicant" means an entity engaged in the business of operating a taxicab, automobile, or similar vehicle used for hire. (B) "Applicant" does not include an entity providing services under the Transportation Network Company Services Act, § 23-13-701 et seq.; and (3) "Disclosure statement" means a notarized, written statement by the applicant that contains: (A) A complete list of business names or identities under which the applicant has previously operated a business engaged in carrying passengers for hire; (B) A complete list of names used by affiliated persons or owner of the applicant entity within the previous ten (10) years; (C) The case style, case number, or a copy of a judgment entered or lien filed against the applicant or an affiliated person; and (D) The case style, case number, or a copy of pleadings of any bankruptcy proceeding in which the applicant or an affiliated person was named as a debtor or a discharge of a debt against the applicant or an affiliated person was obtained. (c) An applicant shall file a disclosure statement with the Secretary of the Department of Finance and Administration annually. (d) The secretary shall promulgate rules to implement this section.

Legislative History

Added by Act 2023, No. 804,§ 2, eff. 1/1/2024.