Taxi medallion brokers preyed on immigrant wannabe owners by failing to be transparent about the terms of their loans — leaving them with crippling amounts of debt, according to a scathing report released by the city Monday.

Mayor Bill de Blasio initiated a “45-day review” of the broker system after allegations that city officials allowed and even encouraged the reckless borrowing practices, which bankrupted hundreds of mostly immigrant drivers.

As part of its review, the city surveyed over 300 drivers whose average debts were around $500,000, significantly higher than the current going price for a medallion. Of those drivers, two-thirds said their loans had been taken over by a credit union.

“This report shines a light on many of the predatory practices of the broker industry, and with this new insight, we’ll be able to do even more to help taxi drivers too long taken advantage of by those they trusted for guidance and help,” the mayor said in a statement.

“When I purchased my medallion], it was worth almost over $1 million. If I tried selling it now, I wouldn’t even get $100,000,” 59-year-old Muzaffar Ahmad told the Post. “The bank is going to take it at any time.”

The report proposes Taxi and Limousine Commission rule-changes to prevent brokers from taking advantage of aspiring medallion owners. Moving forward, the TLC will conduct annual reviews and regular investigations of brokers and their business practices.

Driver advocates, however, said the review selectively ignored the city’s own role in encouraging drivers to take on debt in order to purchase medallions, whose values increased for years before the industry collapsed.

The report and its recommendations are a distraction from growing calls for the city to bail out struggling medallion owners, according to one prominent taxi organizer.

“What we need right now is more than a report on what city rules have been violated — we need an immediate end to the financial devastation that drivers are facing,” New York Taxi Workers Alliance Executive Director Bhairavi Desai said in a statement.

De Blasio told reporters on Monday that such a step is out of the question.

“We do not have the capacity as a city to provide that,” Hizzoner said of the bailout, which the city estimates would cost $13 billion. “I wish we did, but we don’t.”

Experts say the city’s number likely includes payouts to banks and credit unions in addition to struggling drivers.

The city’s own report noted that some lenders have offered to let indebted drivers off the hook in exchange for a one-time cash payment of $200,000 – far less than the amount they owe, but more than they can afford.

“It’s not in the billions. It’s not in the tens of billions,” taxi policy wonk Bruce Schaller said of the cost of potential driver debt relief. “It’s still a lot of money, but [$200,000] is a more realistic figure to be thinking about.”

Additional reporting by Angel Torres