The city yesterday took a major step in regulating the pedicab industry, with the City Council passing a bill to crack down on drivers who rip off passengers.

The bill prohibits pedicab operators from charging any fee other than cost-per-minute and that charge would have to be displayed on the vehicle as well as on a rate card handed to customers.

The legislation, which Mayor Bloomberg supports, also requires each rickshaw to have a timer so riders can see how long the trip is taking. The new rules could take effect as soon as April.