(a) General rule.--For the purpose of protecting the public, a city may enact suitable ordinances regulating the business of operating for-profit parking lots and for-profit parking garages within the city. Ordinances shall be consistent with 75 Pa.C.S. (relating to vehicles). A city may require for-profit parking lots and for-profit parking garages to reserve areas exclusively for parking by handicapped individuals. Nothing in this section shall be construed to limit the protections and prohibitions contained in section 202 of the Americans with Disabilities Act of 1990 (Public Law 101-336, 104 Stat. 327), the act of October 27, 1955 (P.L.744, No.222), known as the Pennsylvania Human Relations Act, and Federal and State rules and regulations implementing those acts. License and permit requirements may be imposed on for-profit parking lots and for-profit parking garages, and license or permit fees may be charged and collected from the operators of the parking lots and parking garages.

(b) Liability insurance.--A city adopting a regulatory plan applicable to for-profit parking lots and for-profit parking garages shall have the authority to require that each operator maintain insurance from an insurer legally authorized to conduct business in this Commonwealth in amounts not less than that which are prescribed by council for the protection of the public from loss of or damage to the vehicles parked, stored or placed under the jurisdiction of the operator and against liability arising out of the ownership or use of the parking lot or parking garage.