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Press Release

July 25, 2014

Contact: Matt Anderson, 212-709-1691

STATEMENT FROM SUPERINTENDENT LAWSKY AND A.G. SCHNEIDERMAN ON AGREEMENT WITH LYFT

NEW YORK - New York State Superintendent of Financial Services Benjamin M. Lawsky and Attorney General Eric T. Schneiderman today released the following statement on their agreement with Lyft. In the agreement entered into today, Lyft has agreed to operate in New York State in full compliance with existing laws and regulations. The company will launch in New York City with commercial drivers only and will operate in a manner that is consistent with existing laws and regulations. In addition, the company will suspend its current operations in Buffalo and Rochester by August 1, 2014, and has committed that it will work with the State so that any future business it undertakes in New York is in full compliance with the law.

"We are pleased that our offices have reached an agreement today with Lyft. We are firmly committed to the notion that regulators can work constructively with companies so that new ideas can come to the market -- and that smart regulation should create an environment where innovators can compete.  Lyft's launch in New York City -- in full compliance with laws and regulations -- is proof positive of this principle. We will continue to work with Lyft so that any future business it undertakes meets that standard and protects consumer safety. We look forward to exploring solutions that enable companies in the sharing economy to operate and thrive throughout New York State."

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