The ride-sharing services Uber and Lyft have become more popular in the past year because of the convenience and cost savings they provide. Most Ubers and Lyfts cost an estimated 30-40% cheaper than a registered taxi. Major cities and states have had to tackle the issue of regulating these services in a way that is safe and fair to similar companies. The two have already pulled out of major cities such as Austin due to regulation. Rhode Island Governor, Gina Raimondo, signed into law new rules that will increase regulation to match taxi operators.
Rhode Island Regulation:
New regulations will put Uber and Lyft, as well as future ride-sharing companies, under the oversightc of Rhode Island’s public utilities commission, the same agency that oversees taxi operators. These companies will be required to do their background checks on drivers, provide minimum insurance requirements and pay an annual $30,000 permit if they have 200 or more drivers. Uber and Lyft had previously worked against earlier rules that required fingerprinting. After negotiation, the fingerprinting provision was dropped by state lawmakers earlier last month.
