52 Pa. Code § 1027.4 – Certificate required for medallion sales.

(a) The proposed buyer of a medallion shall own a medallion taxicab certificate on or before the date of transfer.
(b) A proposed buyer that does not own a medallion taxicab certificate on the date the sale application is filed shall request a new medallion taxicab certificate through the sale application as provided in § 1027.6 (relating to application for sale transferable rights).

This section cited in 52 Pa. Code § 1027.12 (relating to approval process and closing on sale).