The bill aims to regulate the business of vehicles for hire, specifically taxicabs and similar vehicles, by instituting new requirements for liability insurance and disclosures. It mandates that no license shall be issued for vehicles used for hire unless a liability insurance contract or certificate is filed with the Secretary of the Department of Finance and Administration. The required insurance must meet specific standards and cover a minimum of $250,000 for all claims. Additionally, the bill allows for the option of filing a bond as an alternative to insurance, with stipulations regarding the bond amount and conditions for maintaining bonded status.

Furthermore, the bill introduces a new section requiring applicants for vehicle hire licenses to submit an annual disclosure statement detailing their business history and any legal issues involving affiliated persons. It also clarifies that taxicabs cannot qualify for self-insurance, reinforcing the need for proper insurance coverage. Municipalities with populations over 200,000 are granted the authority to impose additional insurance requirements for taxicabs operating within their limits. The Secretary of the Department of Finance and Administration is tasked with promulgating rules to implement these changes effectively.

Statutes affected:
Old version HB1237 Original - 1-24-2023 02:03 PM: 27-14-1501, 27-19-101, 27-19-107
Old version HB1237 V2 - 3-28-2023 10:46 AM: 27-14-1501, 03-28-2023, 27-19-101, 27-19-107, 23-13-701
HB 1237: 27-14-1501, 03-28-2023, 27-19-101, 27-19-107, 23-13-701
Act 804: 27-14-1501, 03-28-2023, 27-19-101, 27-19-107, 23-13-701